According to the New York Times, March 7, 2023.

Fixed rate vs adjustable rate mortgage pros and cons.

“Jerome H. Powell, the Federal Reserve chair, made clear on Tuesday that the central bank is prepared to react to recent signs of economic strength by raising interest rates higher than previously expected and, if incoming data remain hot, potentially returning to a quicker pace of rate increases.”

“His comments were the clearest acknowledgment yet that recent reports showing inflation remains stubborn and the job market remains resilient are likely to shake up the policy trajectory for America’s central bank.”

While the Federal Reserve rates are not directly connected to mortgage rates, if one goes up, the other usually does also.

For this reason, if you have been thinking about buying a house, you should do so now instead of later. You can get more house for your money than you will be able to down the road.

The first step is to call Ruth.

If you have questions about a loan, call Ruth. Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

Down payment funding alternatives

For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your mortgage broker, I can help you find creative ways to come up with your down payment.

Down payment funding alternatives

For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your mortgage broker, I can help you find creative ways to come up with

Using a gift for your down payment

One way to fund a down payment is by using a gift. For many loan programs, a gift may be used for a portion or all of the required down payment. Money given as a gift for a down payment can’t come from just anyone. Family members are the usual source.  I can help you determine which loan programs accept gift funds for down payments and who may give the gift. I’ll also supply the gift letter that the person giving the gift is required to sign. The gift letter states that the funds are a gift and will not be paid back.

Zero down mortgage loans – VA

Active military and Veterans can qualify for a VA Loan that requires no down payment. VA Loans are guaranteed by the U.S. Department of Veterans Affairs. In addition to no down payment, these loans usually offer a lower interest rate than other loan types. While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loan.

If you have questions about a loan, call Ruth. Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

In the past year, things have been unusually difficult for the homebuyer. Fortunately, those conditions have changed.

The latest monthly report by Realtor.com, which tracks the housing market, said that the number of home listings were growing and were also spending more time on the market.

In the past year, people felt pressured to forgo things like home inspections and appraisals. Making these concessions are risky and could result in buying a home with serious issues or buying a home that is worth less than you thought.

We are told that buyers can actually negotiate with sellers now, which is something we haven’t seen for a while. This is certainly good news for home buyers.

The active inventory number is in part increasing as more homes spend a longer time on the market.

According to Realtor.com, the typical home spent 67 days on the market, which is 11 days more than it did over the same period last year.

In the past year, home buyers were having to be also “on call” waiting for a new listing to hit the market so that you could rush over to view the property before it sold. Home Buyers were very often forced to present an offer on a home knowing that the seller was going to receive a dozen other offers.

Buying a home is currently a more pleasant experience. However, it all starts with the home loan, and you should start by calling Ruth. Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

Are you a first-time buyer? A person is considered a first-time buyer if they have not owned a home in the past 3 years.

If your income is at or below $65,680 then you may qualify for a special program where you can put as little as 3% down and you will get a discount on the interest rate and the monthly Mortgage Insurance.

With the increase in interest rates, it is more difficult for all prospective buyers. It has particularly affected the first-time buyers.

Fortunately, there are special programs available for first time buyers with many mortgage lenders. As an independent broker, Ruth Schoenherr represents many mortgage lenders and is familiar with the special programs available with each lender. Why not call Ruth and see what programs she has available that might match your specific situation.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

Ruth Schoenherr NMLS 336647 Innovative Mortgage NMLS 250769

It’s true that mortgage rates are higher than they have been for many years. And, on November 2^nd the Fed raised interest rates another ¾%. That means that mortgage rates are probably going to be even higher.

It’s true that housing sales have dropped off significantly since the interest rates have gone up. However, that does not mean that housing prices have to go down, particularly in this market. Let me tell you why.

There continues to be a dramatic housing shortage, and it doesn’t look like that’s going to change any time soon. Does it make sense to lower the price of something when the demand is high and there is a shortage of the item?

“There doesn’t appear to be any end in sight,” Nadia Evangelou, a senior economist and director of forecasting for the National Association of Realtors told USA TODAY.

Depending on who you ask, experts believe there is a nationwide housing shortage of between 2 million to nearly 6 million newly built homes.

Sure, mortgage rates are high, but you could refinance when mortgage rates go back down.

If you have to move, you have to move. If you are thinking about downsizing, you don’t want to miss out on the costs savings of living in a smaller house. Give us a call, and we can discuss your mortgage options.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

During the buying frenzy that we had some months back, some prospective buyers were making offers that included forgoing a home inspection. It was not uncommon for a seller to receive 10 to 12 offers on a property, many of which were for more than asking price. In order to compete with other buyers, an offer forgoing the home inspection was an attempt to make the offer more competitive. Obviously, with no home inspection, the process would go faster, particularly when eliminating the time necessary to make repairs for items that might need attention. That’s great for the seller, but not a good idea for the buyer.

Don’t Do it!

Things have slowed down from the buying frenzy that we were seeing before. However, forgoing a home inspection was never a good idea. Just one item being overlooked could add thousands of dollars of costs required in the purchase of the home. The average cost to replace a roof in Florida is $9,200. For the average single family home, the cost to replace an air conditioner is about $6,500.

A thorough inspection is a critical step in purchasing a home. Home inspections can uncover potentially life-threatening problems like mold or faulty wiring that could cause a significant fire.

The top five things home inspectors look for

• Foundation. The foundation is the workhorse of a house.
• Roof. Roof quality and performance can also make or break a house deal.
• Plumbing. Is there anything worse than a leak?
• Electrical systems.
• HVAC system.

If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren’t comfortable with what he finds, contact your Realtor to discuss options and renegotiation.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $715,000 for a single-family home in all states.

Pinellas County is one of the most desirable Florida Locations. Surrounded by waters of Gulf of Mexico and Tampa Bay, and white sand beaches – it’s a perfect place to live and visit. Clearwater and St. Petersburg beaches have been rated #1 in America. Beachfront, Waterfront, Boating and Golfing communities are all here for your enjoyment.

Obviously, the requirements for a jumbo are higher because a higher loan amount involves more risk. To receive a jumbo loan, you may have to have plentiful cash reserves and adequate documentation. Your credit score must be 680 or higher.

You’ve Come to the Right Spot!!

With our unique mortgage options, you can own the home you love now. Our underwriting approach may allow you to qualify for more financing than traditional lenders offer. We offer flexible down payments ranging from 3% on loans for less than $715,000 and 10% on jumbo loans.

Although we do offer jumbo loans for as little as 10% down, the better pricing is found with a 20% to 25% down payment.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site www.ClearwaterMortgageBroker.net or call at 727 447-2418

One of the most frequent questions we are asked is “what is going to happen in the real estate market”. Unfortunately, we are unable to look into a crystal ball and see what’s going to happen.

Clearly we have seen things slow down somewhat from what we have seen in the recent future. The recent  rise in mortgage rates have taken some people out of the market, particularly in the low end of the market. Our Realtor friends have told us that they are not getting the multiple offers and as many offers over list price that we were seeing in the recent past. Many housing economists warn that continued weakening could see home price corrections hit some regional housing markets.

It’s going to depend on where you live. Markets that have seen some of the higher increases could seen single digit declines. In the areas like middle America, we could see small increases.

At the Fed’s next scheduled monetary policy meeting takes place on September 20-21, most experts are predicting additional rate hikes, although they may not be as dramatic this time, depending on what goes on in the economy in the next few weeks and months. While mortgage rates are not directly tied to the Federal interest rate, they are certainly related.

If you are considering purchasing a home, you should probably not wait. With likely mortgage rate increases coming and possible housing prices increasing, you can probably purchase more house for your money now than if you wait.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

According to Market Watch: “Word on the street is that the Federal Reserve may raise rates by 1% at their July 26 meeting — as they try to quell inflation that now sits at a 40-year high. Barron’s recently noted that: “With inflation so hot, the Fed’s next rate hike might be the biggest in decades.”

How does that effect mortgage rates? There is no direct link between the Fed and mortgage lenders. However, if the Fed is raising rates, you can rest assured that mortgage rates will go up. In fact , it is said that mortgage lenders very often factor in the increase in their own rates in anticipation of what the Fed is expected to do.

With interest rates going up a full point this month, and maybe another full point next month, you aren’t going to be able to afford as big a house as you were before. If you are considering purchasing a house in the future, you should meet with Ruth Schoenherr to see how much house you can afford in today’s market.

One can only assume that the rising interest rates are going to put the brakes on today’s red hot real estate market. One can only assume that the prices of more expensive homes will be affected the most.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.

Mortgage rates have gone up.

They have gone up over a point since April. But it’s not going to get any better, and it will most likely get a lot worse.

Why is the Fed raising rates?

High inflation — consumer prices rose in May at the fastest pace in 40 years — will likely force the Fed to raise interest rates several more times in the coming months. Fed officials may even resort to additional large rate increases in a bid to cool off inflation.

Therefore, if you are considering purchasing a property any time soon, now is the time to do it, and in doing so, you will save thousands of dollars in interest  that you would have paid if you had waited to apply for a loan.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.