Tampa Mortgage

We can offer a Florida Mortgage Refinance to all Florida Residents. Tampa is a part of the metropolitan area most commonly referred to as the Tampa Bay Area. For U.S. Census purposes, Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The four-county area is composed of roughly 3 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C., and Atlanta. The Greater Tampa Bay area has just over 4 million residents and generally includes the Tampa and Sarasota metro areas. The Tampa Bay Partnership and U.S. Census data showed an average annual growth of 2.47 percent, or a gain of approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market has experienced a combined growth rate of 14.8 percent, growing from 3.4 million to 3.9 million and hitting the 4 million people mark on April 1, 2007. The Tampa Bay Designated Market Area(DMA) is the largest media market in the state of Florida and the thirteenth largest DMA Market in the United States. In 2008, Tampa was ranked as the 8th cleanest city in America by Yahoo! Real Estate and 5th best outdoor city by Forbes. A 2004 survey by the NYU newspaper ranked Tampa as a top city for 20-somethings. We offer Florida mortgages for FHA, VA, USDA, Super Jumbo loans, and more!

Zero Point Mortgages - Discount Points - Origination fees

Discount Points is prepaid interest used to lower a mortgage interest rate. Normally, the cost for a discount point is recovered after 4-5 years of making the monthly mortgage payments.

An Origination fee is charged by the lender to 'originate' your mortgage loan or help find a home for it. They are normally charged by 1-2% just like the Discount Points.

Many mortgage lenders dont consider an Origination fee as 'points'. If a borrower requests 'no points', this will not include Origination fees. Be sure to request a Good Faith Estimate as soon as you have signed a full home loan application. RESPA requires all lenders to provide the GFE after an application is signed.

1st Time Home Buyers

There are many mortgage programs that are available for 1st Time Home Buyers. These loan programs are zero down programs, and have low PMI payments with a minimum credit score of 620. The PMI is a discounted coverage provided by Fannie Mae & Freddie Mac. MyCommunity mortgages are provided by Fannie Mae, and have been helping the North Carolina Real Estate subprime market in a positive manner. HomePossible Mortgages is equivalent to the MyCommunity mortgage program, but it is provided by Freddie Mac.

These mortgage programs have no minimum borrower contribution, and have financing up to a 40yr fixed mortgage.

North Carolina FHA Loans

FHA Loans are saving many homeowners from foreclosures. Borrowers with credit scores of

400 are able to refinance into a 30yr fixed mortgage at 7% or less. It's very important that a

future or current FHA borrower has timely credit payments for the last 12months. Credit

payments are defined as any payment that is reported on your credit report. With FHA loan

amounts higher than 175k, the borrower may receive mortgage rates as low as 6.375%.

MyCommunity Mortgages, FHA Mortgages, and HomePossible Mortgages are saving the day!

Subprime borrowers are now taking advantage of these mortgage products.
MyCommunity Mortgages & HomePossible Mortgages are zero down mortgage programs.
With a 620 middle credit score you will be able to get away with a low PMI payment.

FHA loans have been around, and is still around saving many homeowners from foreclosures.
With 2.25% down payment you will be able to move into a new home!
Refinance cash out up to 95% loan to value!


North Carolina FHA mortgages, MyCommunity mortgages, and HomePossible mortgages.

North Carolina Mortgage Rates - Current

The 10yr bond rates have been dropping! This is good news if you plan on locking in a mortgage rate soon.

The 10yr bond rates are what affect the 1st mortgage rates. North Carolina Mortgage rates were at 6.75% almost 1month ago, and now has dropped to 6.125%. Rates are still continuing to drop, and will probably flatten out to 5.875-6.0%. These rates normally include a 1% origination fee, and with 5% down.

The bad news will be if the FED 'lowers' the rate. This will build confidence in the US economy, and will drive up the stock market. When the stock market goes up no one wants to invest into bonds.

Mortgage Rates North Carolina

North Carolina Reverse Mortgages

Reverse mortgages are becoming popular in the United States.

HUD's Reverse Mortgage is a federally insured mortgage loan, and it's a safe plan than give older Americans greater financial security. Many seniors use it to supplement social security, pay for unexpected medical expenses, home improvements, and more.

Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if it's right for you!

To be eligible for a HUD reverse mortgage loan, HUD's Federal Housing Administration (FHA) requires that the mortgage borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan, be his/her primary residence.

North Carolina Reverse Mortgages

How to compare Good faith estimates?

Good faith estimates should be compare by the 800 lines. If you're comparing all the charges in a Good faith estimate you will come up with different numbers from the 3rd party lines. Every mortgage lender estimates how much title insurance, escrow, hazard ins, property taxes, etc.

The 800 lines show how much the lender is charging for the closing costs in connection with your loan.


ITEMS PAYABLE IN CONNECTION WITH LOAN:
801 - Loan Origination Fee
Upfront cost charged for originating the loan
802 - Loan Discount
Prepaid interest paid to the mortgage lender to lower the mortgage rate – also know as “buying the rate down”
803 - Appraisal Fee
An evaluation of the subject property compared to other comparables. Paid by Buyer.
804 - Credit Report
Cost of the credit report
805 - Lender's Inspection Fee
Lender's cost of inspecting the subject property –
808 - Mortgage Broker Fee
Upfront cost that a mortgage broker charges.
809 - Tax Related Service Fee
Charged to set up tax escrow account.
810 - Processing Fee
Common charge for processing loan – can also be charged for running credit, collecting your application, preparing documents, ordering appraisal, title, etc.
811 - Underwriting Fee
Upfront cost to the underwriter to underwriter the application
812 - Wire Transfer Fee
One time cost of wiring money to the closing table or to mortgage lender.


Mortgage North Carolina

Are the mortgage rates going to drop if the FED lowers the discount rate?

Believe it or not...if the fed rates drop then the mortgage interest rates are going to go up.
The FED arent lowering the 'fed funds rate', but they are lowering the 'discount rate'.
Fed funds rate affect the Prime Rate. Prime rates ONLY affect 2nd mortgages, credit cards, and student loans.
A few weeks ago, they lowered the discount rate and the mortgage rates went up. When the FED comes in to save the economy, the consumers gain MORE confidence. This is why you saw the market go up when they lowered the discount rate. If the market is doing good then the mortgage rates are going to be high. Mortgage rates are affected by the 10yr bond rates. If the market is doing well....nobody will want to invest it in bonds! As you noticed the market has been going down, and so have the mortgage rates. 9/11 was a perfect example of when the market crashed....and the mortgage rates were at its lowest.

Cross your fingers!

FHA Secure Programs

FHA Secure Program is here!!President George Bush has announced this program today to help approximately 240,000 families!Here are a few factors needed to apply for this FHA loan.

To qualify for FHA Secure initiative, eligible homeowners must meet the following five criteria:
A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset
Interest rates must have or will reset between June 2005 and December 2009
Three percent cash or equity in the home
A sustained history of employment
Sufficient income to make the mortgage payment.

FHA Secure Program, like all FHA loan products, will be underwritten to ensure the borrowers have the ability to repay the mortgage loan, will require escrow for taxes and insurance, and will continue to offer unprecedented foreclosure prevention assistance. The FHA has never permitted and will not include pre-payment penalties or teaser rates that are common in exotic mortgages and have caused much of the current market troubles.


FHASecure Program

Mortgage Tips for Full Doc Mortgages

Here are a few things that all borrowers should include in their home loan list.
1. Make sure to have last 2yrs tax returns available. This can be a pain to find, and it is 'normally' submitted to most underwriters.If you are self-employed, they will require ALL schedules with the 2yr tax returns, and might require 1yr of business tax returns.

2. Keep last paystubs that show at least 30day earnings. If you are paid bi-weekly or bi-monthly, 2 paystubs will suffice. If you are paid weekly, you would need to have the last 4paystubs

3. Mortgage lenders require last 2month bank statements or asset statements. If the pages are listed 1to8, they will require all 8 pages.

4. Last 2yrs of w-2's are commonly asked for

5. If you report overtime, commissions, or bonuses, make sure to calculate for 2yrs divide by 1. If you only received for 1yr, then you can't count it towards your income.

6. Offer letters for new jobs are needed if you plan to change jobs. Salary, Start date, and immediate supervisor are some of the information required on these letters

Mortgage North Carolina

Freeze ARM rates - FDIC

The FDIC is proposing to permanently freeze the adjusting Subprime ARM rates. They're wanting the mortgage servicers to keep it at the initial rate, and to convert it to a fixed rate mortgage. The call has been made by the Chief Bank regulator after thousands of homes being foreclosed.

ARMs have a low start rate which is fixed for a certain amount of years. It then adjusts to the index chosen by the mortgage lender, and may increase by 1-3%. About 1.3 Million SubPrime ARMs are due to adjust between now and 2008.

FDIC to mortgage servicers: Freeze ARM rates

FED Funds Rate drops 0.25%

Rates on 30yr fixed mortgages have dropped due to the FED cut.

When this occurred last time the FED fund rates were lowered but then the mortgage rates had a huge increase in the following days/weeks.
Mortgage rates are determined by the 10yr bond...
If the market is doing well then nobody will invest into the bonds.
If the market is doing bad then everyone will start investing into the bonds. The 10 yr bond rates start to drop, and help the mortgage rates to go down as well.
When the market is doing well then the mortgage rates are going to continue to go higher.
Example:
09/11 Market crashed....Mortgage rates dropped to 4.25% for 30yr fixed ....and Greenspan lowered Fed rates....so that the 2nd mortgage rates will drop as well (auto loans, student loans, credit cards also dropped).
What's the point of lowering the FED Fund Rates? To 'stimulate' the stock market with 'consumer spending'.
If the FED lowers the FED funds rate it is BAD for mortgage borrowers looking to lock in an interest rate within the next days/weeks.
Remember...it is to stimulate stock market growth..and if the stock market is doing well then the mortgage rates are going to go up!

Current Mortgage Rates

The Current FHA rate has dropped to 5.375% - APR 5.703%.

This is great news for those seeking a mortgage from FHA.

The FHA home loan has been helping many borrowers seeking a low down payment mortgage program, and also for those that need a bad credit mortgage.

FHA mortgages can help a 1st time home buyer or 2nd time home buyer. You're able to use the FHA loan as many times as you move to a new home.

FHA refinance has also been helping those borrowers in 2/28 ARMs, and someone who is just looking for a low FHA mortgage rate.

New FHA Mortgage Loan Limits

The final version of the Economic Stimulus Act was signed by the President on February 13th
The increase is for FHA loans that are approved on or before 12-31-2008. $271,050 is the new FHA floor, based on 65% of Freddie Mac current limits. The previous floor was $200,160 based on 48% of Freddie Mac limits.

The new limits will be the lesser of:
125% of the Area Median Price; or $729,750 which is 175% of 2008 Freddie Mac limits. HUD has 30 days after enactment to define the Area Median Prices in the Country and publish the new loan limits.

The areas with low median prices will go to $271,050. The areas with high Area Median Prices can go as high as $729,750. But until we know what HUD will use for Area Median Prices, we won't know what any of the exact amounts are.

FHA Current Mortgage Rates

FHA Current APR

FHA Current APR Rate has gone down to 6.125% - and the current FHA APR 6.460%. This is awesome news for those seeking a home loan from FHA.

FHA mortgage program Section 203b is the most frequently used. You may use this FHA home loan program to purchase one-to-four family homes, including manufactured homes, in both urban and rural areas. A FHA fixed mortgage loan Section 203b may be repaid in monthly mortgage payments from 10 to 30 years. The usual down payment is three percent if you're receiving any help from the seller. (Otherwise, it will only be 2.25%)

FHA Loans Section 234c provides MIP for buyers who wish to buy a unit in a condo project. The condo may consist of more than one building, such as a group of row apartments, high-rise buildings, townhomes, or any combination of these structures. Any condo project must be approved by HUD. Lenders may also perform spot approvals on a new project.

Current FHA APR will continue to drop if the market worsens. Stay Tuned for Updates!

Home Loans in Charlotte

Thousands of new residents are flooding our Charlotte market. It seems that everyone is selling their homes from across the US, and moving here to buy a home. Our home appreciation has been rising, and new Charlotte home mortgage applications have been rising!

Please make sure to visit Today's North Carolina on line Mortgage rates website for updated rates!

Charlotte Refinance

Charlotte Refinance Mortgages require a North Carolina Refinance Benefits Statement. This statement is required by North Carolina to show that there is some sort of benefit in refinancing your mortgage. Here are some reasons why most homeowners refinance their current mortgage loan : lower mortgage rate, ARM loan to Fixed rate mortgage, shorter mortgage term, debt consolidation, removing PMI, and maybe to receive extra cash. Here are some tips that can help you find a Charlotte Mortgage: (Actual content on website)

Viewing your current Mortgage
No Difference in Mortgage Rate
Bad Credit
Choosing the best option
Foreclosure
Shopping for lenders
Mortgage Comparison
Go over the Disclosures
PPP Prepayment Penalties

To view this mortgage article, please visit Charlotte Mortgage Refinance

North Carolina Mortgage

North Carolina Mortgage

Not sure how real it's going to get, but let's hope we don't have another blackout depression

Florida FHA Mortgage

Speaking about the benefits of the FHA loans, Mr. Michael Tadros said , "The FHA loan is an excellent way to get out of a subprime loan. Simply said, the FHA mortgage refinance loans are the complete replacement of the current mortgage that you have. It's important to know that FHA loans can help you lower your PMI payment or get out of Bankruptcy Chapter 13. Though the FHA refinance loans are very easy to obtain, there are several things to be considered. First of all you have to identify your needs. Identifying your refinancing needs is necessary to prevent yourself from ending up in another bankruptcy. He stated that "The main motive in getting a FHA refinance mortgage is to tackle the worse financial situation. Hence you should always look for lowest possible interest rates for refinancing".

Speaking about the concept of FHA refinancing, Mr. Michael Tadros said, "The concept of the mortgage refinancing is very simple. Almost everyone knows what a mortgage refinance is. You refinance your mortgage into a low interest mortgage refinance loan for more than you currently owe (up to a maximum of the amount of your home's current value), and get cash back for the difference. Adopting the following points will help you improve your chances of getting lowest refinance rates". It's important to know that FHA loans may go as low as a 580 credit score, and will allow a mortgage for a borrower who had a Foreclosure 3 years ago or a Bankruptcy Chapter 7 two years ago. Having lots of reserves can help compensate for a lower credit score. FHA mortgage can help a borrower obtain a purchase money mortgage, refinance rate term, refinance cashout, or a streamline refinance.

Michael Tadros has helped many with a Florida Mortgage, and can assist with FHA, VA Loans, USDA Loans, and more!

Loan Workout

The credit crisis and problems associated, such as job losses, are resulting in a higher number of missed payments and defaults, not only on hire purchase agreements and other finance arrangements but also on mortgages and 2nd charges on property. This is resulting in potential repossessions, and although many lenders are in turmoil, there are still avenues open for the consumer in these sort of situations.

A loan modification, or loan workout as it is sometimes known, is popular option, the basis of which is to offer a more affordable option to the client by reducing their monthly payments to an acceptable figure for both parties. The loan modification works in that the terms of the original mortgage loan are modified. This can relate to the interest rate or the length of the term. Usually a full analysis is conducted of the clients financial situation and the property, which is being used as security. On rare occasions a write down of the principal sum has been arranged for a loan workout. However, with the modify loan process although relatively straightforward, there have been some problems with this policy, with many feeling that the lenders are not fulfilling their obligations.

The current situation, is not being helped by the fact that many feel the Loana process is too long winded and deters many from looking at the option. In most cases the handling of the Loan workout process by an attorney, has helped to pave the way to a satisfactory solution

Mortgage Rates Edge Down

According to Freddie Mac's weekly survey, the mortgage rates have edged down this week.

Last week the rates for a 30yr fixed mortgage were at 6.42%, and now have lowered to 6.37%.

FHA loan rates have also edged down, and have been helping many 1st time home buyers, and those who are looking to refinance to a lower rate.

Jumbo Loans have also lowered, but the credit crunch has been getting tighter.

Countrywide Closes 12 Fulfillment Branches

Countrywide Closes 12 Regional Loan Fulfillment Locations

Published at October 3, 2007

Dear Business Partner:

First and foremost, I’d like to extend my sincere appreciation and thanks to our dedicated base of core Business Partners for your continuing support of Countrywide®, America’s Wholesale Lender®. The immense value we place on our solid, long-term relationships with you cannot be overstated.

As I’ve mentioned before in this series of communications, to prosper in this new lending environment, we must all adapt and take measures to revitalize the wholesale channel. In this note, I’d like to share information about the measures we are taking to further evolve our business model and to enhance our core strategies - all with a focus on helping you thrive in the new market paradigm.

Evolving Our Business Model

As I shared with you a few weeks ago, Countrywide, America’s Wholesale Lender recently reinvigorated its One Source lending strategy, creating a single, industry-leading sales organization dedicated to supporting our broad product line. To further evolve, we are now embarking on the next phase of adaptations to solidify the long-term success of our organization.

Earlier today, we announced changes that impacted our distributed loan fulfillment operations. I wanted you to be among the first to hear about these changes, and I wanted you to hear them directly from me. In today’s environment, it is easy to misinterpret decisive actions if media reports and/or rumors are the sole source of information. Having said that, here is a straightforward summary of this initiative:

Effective immediately, 12 of our loan fulfillment locations will be migrated into our remaining distributed fulfillment network comprised of more than 40 branches and regional centers. Our sales management and Account Executive teams will continue to be located in these 12 markets ensuring that we retain a local presence and uphold our commitment to serving our Business Partners within these important, geographic areas. As a result of this initiative, each of our remaining fulfillment locations is now positioned to serve multiple sales teams, allowing us to continue expanding our sales coverage and footprint while still retaining our strong reliance on “local” fulfillment. Even with these changes, Countrywide, America’s Wholesale Lender retains the largest distributed loan fulfillment platform among all the major wholesale lenders. The rationale behind this decisive move is very simple - the consolidation of these fulfillment locations better prepares us to expand our reach into specific markets under a more efficient and sustainable loan fulfillment operating structure. As such, we remain resolute in our commitment to the wholesale lending channel and to your success.

Please note that many of our Business Partners will not be directly impacted by these changes. However, if you are impacted by this move, I assure you that we are taking careful measures to seamlessly migrate loan files in progress at the affected locations to the new fulfillment sites. Additional communications will follow later today if your loan pipeline was impacted by this change. In addition, your Account Executive and your new loan fulfillment team is standing by, ready to assist you and your borrowers.

Your One Source for SuccessSM

Though our business model continues to adapt and evolve, our dedication to supporting and enhancing your value proposition is stronger than ever. We now have a single sales force committed to your success. This singular focus is designed to give you greater access to our broad array of lending solutions as you focus on the opportunities in your market.

Countrywide is well positioned to help you address the needs of borrowers in each of the core home loan segments. From prime to what has become “near-prime”, from home equity to government, from custom construction to reverse mortgages, Countrywide offers home loan solutions that can help drive your business. Working together, we can revitalize the wholesale channel by aligning qualified borrowers with financing options that best meet their needs.

In addition, over the past several months, we have significantly strengthened our price point within key areas of our product pricing menu in an effort to affirm our continued focus on quality. The result - we are now providing even more competitive pricing across key loan program and guideline segments, enabling you to deliver even greater price value to many of your borrowers.

Countrywide remains a clear choice—your One Source—dedicated to you and the strength of our channel. For 15 consecutive quarters, Countrywide, America’s Wholesale Lender has been ranked the #1 Wholesale Lender*, a testament to our proven ability to deliver for our Business Partners.

Thank you again for this opportunity to share our vision for success with you, and as always, thank you for your business.

Todd A. Dal PortoSenior

Managing Director & President

Market pushes mortgage rates up!

Mortgage rates were at 5.875% par about 1month ago, and now are going up to 6.25%-6.375%.

This dramatic increase was stimulated by the FED lowering the rates to help the market stabilize. North Carolina Mortgage Rates will continue to climb if the FED lowers the rates once more.

Mortgage Rates are generally compared to the 10yr bond notes.


Let's hope that the FED realizes their actions are actually hurting future homeowners, and future refinances!

FHA Reform Bill Passed!

The U.S. House of Representatives today passed
H.R. 5121, the "Expanding American Homeownership Act of 2006."

This bill contains six reforms to the FHA single-family insurance program.

The changes include:

increasing the FHA loan limits nationwide, and especially in high cost areas. Helping out the metropolitan areas such as FL cities, and in California.

eliminating the 3% downpayment requirement meaning less cash at closing!

eliminating the cap on reverse mortgages offered by FHA

streamlining the FHA condo loan program

extending the loan term to 40 years for lower monthly payments

and allowing FHA to charge risk-based premiums to borrowers.

HUD FHA Reform Bill

North Carolina Real Estate Deals

Yahoo Personal Finance has rated Durham as one of the many places to find a home deal.

Prices are continuing to appreciate by 5% over the next 2 years.

Three incentives quoted were high inventory homes, lower prices, and lower mortgage rates.

North Carolina has seen a surge of new homeowners especially in Raleigh, Greensboro, and Charlotte Area


North Carolina Home Deals

Rates are RISING with the 10yr bond notes!

Mortgage rates are affected by the 10yr bond rates.

Since the FED lowered the discount rates, and the fed funds rates, the mortgages only dropped once! Now the mortgage rates are rising higher than the rates were before the FED intervened.

http://finance.yahoo.com/ shows the BONDs slowly going up, and is scheduled to continue rising.

If you are waiting to lock in your mortgage rate, make sure you LOCK NOW!

Trying to save a few dollars is going to cost you THOUSANDS!

Mortgages North Carolina

Interest rates DROP! FED lowers Discount & Fed Funds Rates1

Mortgage rates dropped to 5.875% PAR for 30yr fixed mortgages.

Normally, you will need to have good credit, downpayment or equity, to qualify for the low rates. You will still be able to get a 6.125% with average scores, and down payments.


This is great news for those who are looking to refinance or purchase their new home in the near future.


FED announced a .50% drop for Fed Funds Rate, lowering it to 4.75%.
The board of governors also approved a .50% drop for the Discount rates.
Discount rates are now at 5.25%

http://www.federalreserve.gov/newsevents/press/monetary/20070918a.htm

Is Countrywide going bankrupt?

Countrywide is facing a class action lawsuit from current/former employees.

The lawsuit claims that CEO Angelo Mozila deliberately provided inaccurate information, and intentionally concealed information from the 401k/pension participants.

In other news, it has been said that Countrywide is seeking more funds from Bank of America.

With many lenders stepping out of the subprime lending, Countrywide will be the biggest downfall. Countrywide has estimated layoffs of approximately 12,000 employees.


http://www.forbes.com/afxnewslimited/feeds/afx/2007/09/12/afx4108158.html

Mortgage North Carolina

Rates are going up if the FED lowers again!

With everyone hoping for the FED to lower the mortgage rates they dont see that it is backfiring.

The market has been going up because of FED speculation of lowering the discount rates.

If anyone noticed the 10yr bonds went up causing the mortgage rates to go up as well.

The last time the FED dropped the rates was Aug 17.
The market has been going down due to over 20 mortgage lenders filing bankruptcy, job losses, etc. The mortgage rates were dropping, but the FED's decision actually spiked the market.

http://freddiemac.com/dlink/html/PMMS/display/PMMSOutputYr.jsp?year=2007

Shows the last week with the mortgage rates creeping back up.

With the rates dropping we will have more consumers spending. Consumer spending drives the market up, and this means less investors investing into 10yr bonds.

Public County Records & Deeds of Trust

Looking to see if your new home may have a lien other than a mortgage?

Looking to see if the current owners may be in a foreclosure proceeding?

Want to see if your neighbor has a low rate on their adjustable rate mortgage?

Looking to see what the neighbor sold his house for?

Many counties have their websites listed online, and you will be able to view the above under their records department or public records. One of the best websites to help you find the county websites is netronline.com. You can search for deeds, deed of trust (for mortgage notes), etc


http://www.netronline.com/