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Clearwater Florida Real Estate Agent's Home Buyer asks Can I get a Home Mortgage Now?

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Real Estate Agent with Charles Rutenberg Realty

Can I Get a Home Mortgage Now?

Clearwater Real Estate Mortgage Market Report

mortgage questions in clearwater real estateYou have probably heard it is hard to get a Clearwater home loan with all of the problems with sub-prime mortgages, and the tightening of lending rules, so here is an update on home mortgages this summer.

Yes, you can get a home mortgage in the Tampa Bay area now, but it is important to understand what is going on in the home mortgage market, and to know that rates may vary widely.

Basically, the problem with home mortgages in Clearwater and around the country this year is that there is a liquidity crisis for some mortgage companies, and I am afraid antidepressants won't work with this one...LOL. Some mortgage companies have gone out of business and many others are hurting.

Tampa Mortgage Liquidity Market Report

To understand the mortgage liquidity crisis, it is important to understand how the home mortgage system works, so here is a brief overview:

  • When you buy a home, the bank (or mortgage company) loans you the money. The bank then sells your mortgage to an investor like Fannie Mae or Freddie Mac, in the secondary mortgage market. In the case of these two investors, they buy mortgages under $417,000 (conforming mortgages). The money your bank gets from the investor is then used to provide a mortgage to another family buying a home. Simple cycle, right?
  • Okay, now for the next step. The investor who bought your mortgage from the bank, in the secondary market, didn't just buy your mortgage, but probably bought 5,000 to 10,000 mortgages at once. These investors package the thousands of mortgage together and resell the package to other investors who are looking for stable investments with solid returns (bonds).
  • So, if these investors are looking for stable returns on their investment, then what happens if the foreclosure rate goes up? You guessed it, the investors stop buying this type of investment and the mortgage system grinds to a halt, and the bank doesn't have any money to lend to home buyers.

At this point, we are not seeing a major overall shortage of money in the system, but there are companies who have written some bad loans in the past and they are having problems selling their mortgages. This means they do not have as much money to loan to new home buyers. You can tell who they are by the interest rates they are charging. For example, just compare mortgages from at least three companies when you shop, and you might see an almost 1% difference between the rates ( e.g., 6.2% to 7.2%).

In summary, there are lenders who are lending money for home mortgages and have great rates because they have been consistent producers and have low foreclosures rates, so if you are looking for a stable company with good rates, then call an experienced, honest professional like Leah Ross at AmeriFirst. She's been a great Tampa Bay Mortgage source for several of our buyers this year. You can reach her at 813-643-8430.

Clearwater Real Estate Info

You can learn more about Clearwater Condos and Homes For Sale  and see all condos, townhomes, and homes available for sale by just putting in your email. Get access to the best properties immediately as they come on the market or you can Search the Tampa Bay MLS for all gulf beach homes and condos for sale by all Tampa Bay real estate companies in the Tampa Bay area. 

If you are interested in learning more about Beach Homes and Condos for Sale in Clearwater Beach and Pinellas County just visit our informational Tampa Bay Real Estate website for Home Buyers. Having lived on the Gulf Beaches of Pinellas County Florida for over 15 years we share a special passion for helping people make their "beach living" dreams become a reality!  

Are you looking to buy a Gulf Beach Home or Condo? Here's what some of our past clients have to say about how we helped them....

******************* CLICK ON PHOTOS BELOW TO SEE CLIENT VIDEO TESTIMONIALS ******************

Buyers tell us that selecting a Clearwater Real Estate Agent, especially online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us. 

Click on the photos below and meet some of our clients and now friends...we'd love to be YOUR choice too!clearwater real estate agents get kudos from condo and home buyers in the tampa bay areaclearwater beach real estate agent gets praise for relocation assitance and serivce in tampa baytampa bay real estate agents get home buyer testimonial for outstanding service in tampa bay florida 

 

 

 

 

Relocations ~ Waterfront Homes for Sale ~ Condos for Sale ~ Luxury Townhomes Condos & Villas ~ Beach House of Your Dreams ~ Find the Perfect Florida Lifestyle in Pinellas County and the Tampa Bay area ~ We specialize in Beachfront ~ Waterfront ~ Intercoastal ~ Gulf Views ~ Boat Slips ~ Deep Water Condos and Homes in Clearwater Beach ~ Sand Key ~ Island Estates ~ Beach Investments and Bargains ~ 1031 ~ Luxury Homes.   

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Clearwater Home Connection real estate website

 

 

  
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Serving Clearwater | Clearwater Beach | Sand Key Condos | Island Estates Homes | St Petersburg | Palm Harbor | Dunedin | Safety Harbor | Tarpon Springs | Largo | Belleair | Oldsmar | Ozona | Pinellas Park | Gulfport | Tierra Verde | Indian Rocks Beach | Indian Shores | Maderia Beach | Treasure Island | St Pete Beach | South Tampa | Redington Beach | all the Gulf Beaches and Tampa Bay | 33767 | Gulf front | Beach Front | Ocean Front | Intercoastal |   

 

*The above information and images are Copyright © 2007 Cyndee & Jack Haydon, Clearwater Beach Real Estate Agents and may not be copied, reproduced, distributed, transmitted, displayed or published.  All rights reserved.  Plagiarism will be detected and is punishable by law.   Reprinted with permission from Sandbars to Sunset.   

Paula Henry
Home to Indy Team @ HomeSmart Realty Group - Avon, IN
Realtor - Indianapolis Real Estate - 317-605-4174
Jack - A great summary; easy to understand for the consumer. It's important to provide positive info, so clients know it is not "just a roll of the dice".
Aug 31, 2007 11:32 AM
Ashley Drake Gephart
Drake Intel Group - Albuquerque, NM
Jack great information for the Clearwater Fl home buyers. Now more than ever it is so important to work with knowledgeable agents and loan officers. You, Cyndee, and Leah make a great team to make sure they get a good loan and a great home.
Aug 31, 2007 11:45 AM
Rita Taylor
None - Sanford, NC
Sanford NC Real Estate - Homes for Sale in Sanford North Carolina

Jack,

Thanks for a great post summarizing the current situation.  It is always important to shop around for rates, fees, and closing costs.  Sounds like you have a great resource for your clients in the Clearwater area.  A good mortgage broker like Leah can save borrowers a lot of hassle and money. 

Aug 31, 2007 02:38 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Mana - thank you and yes, working with a real pro like Leah Ross makes has been such a blessing for our Tampa Bay buyers    
Aug 31, 2007 04:37 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Barbara Jo - thank you for your kind words.
Aug 31, 2007 04:38 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Susie - I know you've worked with her - I appreciate you confirming our experiences. It's not until you see people taken advantage of that you appreciate someone who will tell you the truth and work hard in your best interest 
Aug 31, 2007 04:40 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Chris - I appreciate your feedback - thanks
Aug 31, 2007 04:41 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Paula - Cyndee & I are not tied to any lender or mortgage broker - but we've seen so many of our homebuyers who have "a friend" doing the mortgage - that I can tell you with friends like that who needs enemies. Leah has always been fair and provides a great value. We highly recommend her.
Aug 31, 2007 04:43 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Ashley - thanks for your kind words! You're the best. Hope that info I sent you was helpful!
Aug 31, 2007 04:44 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Rita - it's obvious you know what we're talking about - well said - that's why you're Sanford Top Realor in my book!!
Aug 31, 2007 04:46 PM
Stephanie Edwards-Musa
thredUP.com - The Woodlands, TX
knitwit at thred UP
Jack, great information and great way to give buyers in the Clearwater Beach area a positive outlook on the market!  You and Cyndee are my Clearwater Beach experts!!
Sep 02, 2007 09:07 AM
Maggie Dokic | Indialantic
Magdalena Dokic - Indialantic, FL
Selling the beach in Florida's space coast
Jack, this is solid information for Clearwater home buyers.  The funding is vital.  Without it, there's no point in even trying to find the perfect home.  Your Clearwater sellers are lucky too that you've got that covered.  Leah is top notch.
Sep 02, 2007 07:40 PM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage
Jack, what a great post!  I appreciate your comment on my business and I promise to take excellent care of those referred to me!  Thank you for your support!  You and Cyndee are such great Real Estate professionals...your customers have a great team!
Sep 03, 2007 09:50 AM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Stephanie - thank you for your kind words - we love Clearwater Beach!!
Sep 03, 2007 03:06 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Maggie - working with a real mortgage pro like Leah Ross is a blessing for us and the families she helps daily. I could tell you horror stories from mortgage brokers that have taken advantage of clients or didn't deliver when they said they would. Thanks for stopping by.
Sep 03, 2007 03:08 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Leah - it's our pleasure to let others know the great job you do - we don't refer lightly because mortgage services are too important not to have a real pro working for you!  
Sep 03, 2007 03:09 PM
Kim Murphy
Draper and Kramer - Lombard, IL
Mortgage Loans in DuPage, Kane, Cook, Lake, Will C
Jack, you did a great job explaining the issues in the mortgage industry!  Leah Ross sounds like a mortgage professional to have on your team in Clearwater Beach!
Sep 04, 2007 02:01 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Kim - thank you for your kind words - Leah is the best tampa bay mortgage lender in our opinion - she does the kind of job you do in Illinois. Thank for stopping by!
Sep 06, 2007 10:27 AM
Dan Hartman
Province Mortgage Associates - NMLS #2861 - Providence, RI
Great post.  I love the way you introduced your mortgage person of choice.  Thank you!
Sep 07, 2007 08:25 AM
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Mortgages are still out there, just people with bad credit have a much more difficult time getting approval, and they know it, so many with bad credit are not trying.

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Jul 02, 2008 01:30 AM