Tampa Mortgage Consultant

Some useful numbers pertaining to your credit report

2011-05-08T21:54:00.000-04:00

May 8, 2011

Equifax
PO Box 740241
Atlanta, GA 30374
(800) 685-1111 (to order credit report)
(888) 766-0008 (to report fraud)
www.equifax.com

Experian
PO Box 2104
Allen, TX 75013
888-397-3742
www.experian.com

TransUnion
PO Box 2000
Chester, PA 19022
(800) 888-4213 (to order credit report)
(800) 680-7289 (to report fraud)
www.transunion.com

Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348
(877) 322-8228
www.annualcreditreport.com

How to create a one-time use credit card number

2010-11-28T17:07:00.000-05:00

November 28, 2010

I came across an interesting article, especially in these days of identity-theft.

Read more about: How to create a one-time use credit card number.

This blog has moved

2010-04-14T21:30:00.001-04:00

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Upcoming Get Motivated Seminar, St. Pete Time Forum, April 2010

2010-04-10T08:05:00.000-04:00

April 10, 2010

Upcoming Get Motivated Seminar

Tuesday, April 27, 2010
St. Pete Times Forum
8:00 AM - 4:45 PM

Apolo Anton Ohno, legendary eight-time Olympic medalist, is the most decorated U.S. Winter Olympian in history. In this strategic session, Ohno will share the tools you need to pass your competition and stay on top in a competitive market.
- How to Achieve the Competitive Advantage
- How to Create a Winning Mindset
- How to Design Your Personal Achievement Game Plan
- How to Turn Set Backs into Comebacks

Other Speakers that will be there:

Motivation
Zig Ziglar
America's #1 Motivator

Teamwork
Lou Holtz
Renowned Notre Dame Head Coach

Sales & Negotiation
Tamara Lowe
Top Sales Expert and Author of Get Motivated!

Excellence
Tony Dungy
Super Bowl Winning Coach

Achievement
John Walsh
Host & Creator of TV's America's Most Wanted

Leadership
General Colin Powell
Legendary Soldier-Statesman

Perseverance
Rudy Giuliani
America's Mayor

For tickets to the seminar, check out this link!

Stop identity theft, dumpster-divers, shred-a-thon April 10th

2010-04-01T09:47:00.055-04:00

April 1, 2010

Did you know that Florida ranks third in the number of identity theft cases in the United States? And in Florida, here are the ranking in terms of identity theft cases:

Miami
Orlando
Tampa

And according to the Privacy Rights Clearininghouse, more than 347 million records with sensitive consumer information has been compromised since 2005.

Here is another fact that I found startling: According to the Supreme Court, it is not against the law to go through someone else's garbage! They are protecting the rights of dumpster divers (this practice called skipping in the United Kingdom). Even though it may not be illegal to dumpster dive, it is illegal to use the financial information found as a result of dumpster diving in a compromising manner.

How can you stop identity theft?

One of the best way to counter identity theft is to shred. Anything that has personal information, bank account numbers, credit card numbers, social security number, medical information, legal information, etc. should be shredded instead of thrown out in the garbage.

Shred and help a good cause

The Tampa Bay Organizers is hosting a Shred-a-Thon on Saturday, April 10th.
Proceeds will benefit the Children's Cancer Center.

And with tax season in full effect, there is no better time to go through your old tax records that you don't need any more, and bring them down to the shred-a-thon.

How long to keep tax records?

Here is the excerpt from the I.R.S. site with regards to how long certain tax information should be kept:

Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.

You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.

You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.

You file a fraudulent return; keep records indefinitely.

You do not file a return; keep records indefinitely.

You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.

You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.

Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

To find out more about the upcoming shred-a-thon in the Tampa Bay area, check out the link below:
http://www.tampabayorganizers.com/EventShred.html

A funny cartoon on the government flowchart!

2010-03-10T20:45:00.002-05:00

March 10, 2010

A funny cartoon on our government flowchart...or in other words, this shows how everything flows downhill!

David Denslow, PhD in Tampa

2010-02-18T21:45:00.000-05:00

February 18, 2010

The presentation given by Dr. Denslow this evening was very informative and entertaining. I felt as if I was a student back in his classroom at the University of Florida back in 1987.

He gave many reasons of what contributed to the recent bubble we saw in the real estate markets throughout the country, and through the Tampa Bay area. Very jokingly, he went over his past predictions where he predicted that Tampa housing prices would fall in 2004. Of course they went up. He then predicted that they would fall in 2005. Of course, they went up. Same thing for 2006. Then of course, we know what happened afterwards. He was correct, but he was off a bit on his timing. They say economists are the only ones that can be wrong most of the time, and still make a living!

Overall, I would say he is optimistic about the future of the Tampa Bay economy. The demographics should play a huge role in our economic recovery. The number of people that will be retiring in the next 10, 20 years will increase as the baby boomers reach retirement age. This area is geared towards tourism, healthcare, service sector jobs, etc. He predicts unemployment should remain flat for 2010 with improvement through 2013 where he predicts it will improve to about 6.5%. Not bad considered we are at approx 11% right now.

And even though he was optimistic, he was empathetic to those that are still unemployed, and financially struggling, saying how this is unlike anything ever seen before from an economic standpoint. He acknowledged that the employment prospects for this area are still good, and will be important in the economic turnaround.

The Rise and Fall of the Tampa Bay Economy

2010-02-04T19:31:00.002-05:00

February 4, 2010

Definitely one of my favorite professors that I had at the University of Florida, David Denslow, will give a presentation in Tampa next Thursday, presented by the Tampa Gator Club:

Tampa - UF Impact
Thursday February 18, 2010 at 6:00 PM

Description

David Denslow, UF Bureau of Economic and Business Research, "The Rise and Fall of the Tampa Bay Economy"

Location

Doubletree Tampa Westshore
4500 West Cypress Street

RSVP Deadline:
Monday February 15, 2010

Click here to RSVP

Cost
FREE

Additional Information
The University of Florida Alumni Association, along with University faculty members will travel around the state to discuss UF and the impact of the University's teachings and its research benefits. These events will give a better understanding of how the University affects the lives of all Floridians by producing breakthroughs in scientific research, driving the state's economic development and educating Florida's future leaders.

Shockingly, Tampa real estate prices still going downward!

2010-01-02T10:11:00.001-05:00

January 2, 2010

The most recent survey results of the Case Shiller home price index, showed that Tampa Bay had the worst decline (down 1.6% October) out of the 20 metro areas surveyed. Even more shockingly, it was the 3rd worst (behind Las Vegas and Phoenix) for the 12 months ending October 2009.

We all know about the great aspects of living in this area: great weather, lots of culture and events, awesome natural beauty and beaches, relatively low cost of living, no state taxes, etc.

If you are looking to buy your dream home, second home, investment property, etc., now is a great time to do it! This area has way too much going for it to continue to decline. Sooner or later, things will turn around. Don't be persuaded by all the negativity you hear in the media.

Hopefully this economy will start the turnaround in 2010. We are seeing signs of it, despite the survey results that came about above.

I'm hoping that all of my loyal site visitors will have a healthy, prosperous and fulfilling new year for 2010! Happy New Year to you and your family.

New technologies, the electric car and its infrastructure will bail us out of the "Great Recession"

2009-12-19T20:29:00.002-05:00

December 19, 2009

Those that are getting their regular paychecks may not feel it. Those that read and hear of others going through bad times, may still not get it. Real estate publications, economists, prognosticators, politicians tell us things are getting better. Some of us are scratching our heads.

Unemployment hits 11% in Florida, the dollar collapses, gold prices near record highs, foreclosures, bankruptcies, short sales, people moving in with other people, vacant houses, people can't get credit, people can't afford their real estate taxes, cities are going bankrupt because no ones paying their taxes, higher crime rates, people jumping off of bridges, people acting like their losing children in hot air balloons. Are these strange times we're living in or what?

Amazon.com Widgets

Business owners, entrepreneurs, people in sales, independent contractors, and those that don't get regular paychecks don't know what to believe anymore. They read things are getting better, but why don't they feel better? The stock market is inching up, ok. But what's causing this...book manipulations? layoffs which produce higher profits? Google clicks that tell us people are thinking about buying? holidays coming up? who knows? They are real numbers, yes, but what do they tell us? Yes, the market has been rising since March of this year.

But we all know something's not right. We haven't seen this in our lifetime, unless you lived in the 20s and 30s. I was selling real estate in the 80's with interest rates at 17.5%, but this is different. There are more societal ills, things are more complicated.

Something's definitely broke. Obama is bailing everybody out and is on a Christmas buying spree. He wants to spend our way out of this recession, but what will the consequences be? Runaway inflation, socialism, or the downfall of the American society as we know it?

Our only consolation is that we live in a world economy now. Everyone is hurting. Our countries are interconnected economically. It is a world recession. We won't stop buying Japanese cars, because Uncle Sam asks us nicely. We can, however, start developing and enabling new technologies that are already here.

We need to develop the electric car and its infrastructure. This will bail us out and start the cycle of prosperity again. Millions of jobs will be created by this development, we will start eliminating burning of fossil fuels, and this will set us in the direction of the "green economy".

Many studies and research have concluded this. Larry Burns, the retired head of GM's research and development, has said that the electric-vehicle age will reshape the energy grid, redefine driving patterns, and generally improve the quality of life especially in urban areas.

First, there will be many types of electric vehicles, including the plug-in hybrid, the all-battery vehicle, and vehicles powered by the hydrogen fuel cell, which is essentially a battery fed by external source of hydrogen. These vehicles will come in all shapes and sizes, including all-terrain vehicles to large commercial trucks. These different vehicles will be able to tap into many different energy sources.

Solar, wind, or nuclear power, all free of co2 emissions, can feed the power grid that will recharge the batteries. Also, these energy sources can be used to split water into hydrogen and hydroxyl ion, and then use the hydrogen to power the hydrogen fuel cell.

Second, the storage capacity of the vehicle fleet will play an important part in the stabilizing of the power grid. Not only will the battery powered vehicles draw power from the electricity grid during the recharging, but when parked, can also feed additional power back into the grid, during periods of peak demand.

Third, the electric vehicles will open up a new age of smart vehicles, in which sensor systems and vehicle-to-vehicle communications will enable collision protection, traffic routing, and remote managing of the vehicle.

Automakers, utility companies, broadband providers, government road builders, and public-private funds will all have to contribute to this integrated system. The beauty of it is, it's already here, but it needs to be implemented and expanded in America. A company called Better Place has already built some of the infrastructure with battery swapping stations and recharging stations throughout Europe, Japan, and Israel. America must stay at the forefront of the implementation and development of this new coming electric vehicle age. Tomorrow is too late.

Several other studies have been done to show how many millions of jobs can be created throughout the world by implementing the electric car, its infrastructure, and the subsequent green technologies. The new age of the electric vehicle illustrates the opportunities that are now available as we make our way from unsustainable fossil-fuel technologies to a new age of sustainable technologies.

This is true not only for automobiles but in the choice for energy systems, building designs, urban planning, and food systems. So in a way the breakdown of the world economies has provided an opportunity for the new green revolution to evolve.

Mike Mulligan is a successful Tampa Bay real estate professional with over 30 years experience. He is also an entrepreneur with a lot of vision for the future. He is owner of "Take a Mulligan Shuttle" and www.MulligansList.com. He is also known for throwing some great Halloween Parties in the Tampa Bay Area.

Stop Home Foreclosure

2009-12-08T19:27:00.002-05:00

December 8, 2009

While it is still a devastating situation, it is unfortunately becoming a very common one that can happen to anyone. Taking heed of the following advice may help prepare you to stop home foreclosure before you become a statistic.

1. Pay your mortgage, and pay it on time. That may sound like a ridiculously obvious tip, but many people do not realize what a powerful impact being just one month behind has on your credit rating. One missed payment will not cause foreclosure, but it may well cause you to dig a hole you will have difficulty climbing out of later.

2. Contact your lender immediately if you anticipate missing a payment. Given the steadily rising rate of foreclosure in the United States, many financial institutions have implemented policies and/or programs to grant struggling homeowners a little leniency. These include:

Loan Modification

Refinancing

Debt Forgiveness

Repayment Plans

Forbearance

3. If you cannot keep up with your mortgage and cannot work out a plan of action with your bank, you will need to sell your house. Unfortunately, the real estate market in most areas has deflated to the point that your house may no longer even be worth what you owe on it. If this is the case, and you cannot afford to absorb the loss, you will need to consider a short sale. This is when the lender agrees to accept a lower offer for the sale of your home, but with a list of contingencies.

Short sales, loan modifications, and other attempts to stop home foreclosure are very complicated matters which contain a great deal of legal "ifs," "ands" and "butts." If you are facing the possibility of losing your home, contact a real estate attorney who can guide you through the confusion and frustration.

The Law of Saving

2009-11-04T21:00:00.001-05:00

November 4, 2009

The Law of Saving
By Brian Tracy

Financial freedom comes to the person who saves ten percent or more of his income throughout his lifetime.

One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary, every single paycheck. Individuals, families and even societies are stable and prosperous to the degree to which they have high savings rates. Savings today are what guarantee the security and the possibilities of tomorrow.

Start With Yourself
The first corollary of the Law of Saving comes from the book The Richest Man in Babylon by George Classon. It is to "Pay yourself first."

Begin today to save ten percent of your earnings, off the top, and never touch it. This is your fund for long-term financial accumulation and you never use it for any other reason except to assure your financial future.

Develop New Habits Regarding Money
The remarkable thing is that when you pay yourself first, and force yourself to live on the other ninety percent, you will soon become accustomed to it. You are a creature of habit. When you regularly put away ten percent of your earnings, you soon become comfortable living on the other ninety percent. Many people start by saving ten percent of their income and then graduate to saving fifteen percent, twenty percent, and even more. And their financial lives change dramatically as a result. So will yours.

Take Every Advantage
The second corollary of the Law of Saving says, "Take advantage of tax deferred savings and investment plans." Because of high and even multiple tax rates, money that is saved or invested without being taxed accumulates at a rate of 30% to 40% faster than money that is subject to taxation. Self-made millionaires, according to Dr Thomas Stanley's book The Millionaire Next Door, are almost obsessive about accumulating their funds in assets such as real estate, self owned businesses and equities that increase in value without triggering tax liabilities.

Invest in company pension and retirement plans, 401(k) plans, IRA's, Keough Plans, Roth IRA's, Education Investment Accounts, stock option programs and whatever else has been approved by the IRS for long term financial accumulation. Make every dollar count!

Action Exercises
Here are two things you can do to apply this law immediately:

First, begin today to put away ten percent of your earnings. Set up a special account for this purpose and treat your contributions to this account with the same respect that you do your rent or mortgage payments each month.

Second, become a lifelong student of money. Read the best books, take courses and subscribe to the most helpful magazines. Know what you are doing so you can always make intelligent decisions when you invest your funds.

How Can You Attract More Wealth and Abundance?
We are now surrounded by more wealth than at any time in our history. The real question is how do YOU gain this abundance? Brian Tracy can show you how! Become a money magnet, immediately increase your income and learn wealth building secrets. Get the knowledge you need to make your financial future an outstanding one with The Unbreakable Laws of Money Package.

Click here to get yours today!

Colonial Bank Failure

2009-08-16T12:08:00.003-04:00

August 16, 2009

Here is an interesting article regarding the supply of mortgages if Colonial Bank should fail - pretty scary stuff:

Click here to read the article.

Countrywide breach

2008-09-13T08:10:00.002-04:00

September 13, 2008

Why hasn't this received more news? Are we so conditioned now to these security breaches that no one blinks an eye?

I just received a letter from Countrywide (my mortgage company), that they "became aware that a Countrywide employee (now fomer) may have sold unauthorized personal information about you to a third party...that included your name, address, Social Security number, mortgage loan number, etc."

I applaud Countrywide for their efforts in bringing this to my attention, but I'm surprised that this has not received more attention from the media.

And I suppose Countrywide has bigger problems in light of the number of foreclosures that is plaguing the nation.

Whenever I receive correspondence from Countrywide, I almost always file it in "file 13" or trash it, as I receive countless offers (along with other mortgage companies) to refinance, etc. Not to mention the tons of spam that come through my email.

Luckily, I did not throw away this last letter.

However, they are offering a complimentary credit monitoring service for 2 years in light of this security breach.

In case you did throw away the letter, the website to take advantage of this offer is:
http://www.consumerinfo.com/countrywide

Thank you

Happy Halloween - Funny picture!

2007-10-31T20:07:00.000-04:00

October 31, 2007

Wishing you all a happy and safe Halloween! Here is a funny picture to brighten your day....

A few funny pictures on today's mortgage market

2007-09-23T20:03:00.000-04:00

September 23, 2007

I thought I would share a few funny pictures on the current state of the mortgage market that was passed along by a friend....enjoy!

Home show this weekend, Tampa

2007-08-30T20:13:00.000-04:00

August 30, 2007

What: Florida's Largest Home Show

Where: At the Tampa Convention Center 333 S. Franklin Street Tampa.

When: August 31 to September 3, Friday to Monday

Click here for more details.

This is a great way to spend the afternoon!

Hurricane myth busters

2007-08-09T20:33:00.000-04:00

August 9, 2007

Learn about the outdated advice, misconceptions and bad info regarding hurricanes and preparedness during this one-hour presentation by a Pinellas County hurricane expert.

When: Wed, Aug 15th, 2PM
Where: Seminole Public Library
Address: 9200 113th St N. Seminole
Phone: 727-593-9689

Hurricane workshop

2007-07-12T05:09:00.000-04:00

July 12, 2007

St Patrick's Church is holding a Hurricane Workshop Thursday July 12, 2007 in the Social Hall behind the church at 4518 S. Manhattan Ave. at 7:00pm.

Representatives from Hillsborough County will present materials on hurricane preparation. The program is free and open to the community, so bring your neighbors. This should be very informative!

2007-05-23T22:05:00.000-04:00

May 23, 2007
An email from Mayor Pam Iorio's Office.

Water Shortage Conditions Persist

TAMPA, FL (May 23, 2007) - Despite recent isolated rainfall, the very serious water shortage conditions in our region have gotten worse. Tampa's reservoir in the Hillsborough River is now more than 4.5 feet below normal and this has required the Tampa Water Department to purchase unprecedented amounts of water from the regional water supplier, Tampa Bay Water. As a result, we continue to ask all users to reduce indoor and outdoor water use, and to irrigate only as allowed by ordinance. The entire current Emergency Water Use Ordinance 2006-14 addresses all water uses and is available online at TampaGov.net/water.

Residents and businesses inside the city limits are restricted to the following watering guidelines:

- Addresses ending in an even number or the letters A-M may water on Tuesdays only.
- Addresses ending in an odd number or the letters N-Z may water on Sundays only.
-Watering on the designated day is allowed between midnight and 8 a.m. or 6 p.m. and midnight.

Happy Holidays and New Year talk

2006-12-26T23:21:00.000-05:00

December 26, 2006

I just wanted to wish everyone a Happy Holiday season, and a happy and prosperous New Year.....

With the new year coming upon us, now is a good time to take a look at your financial situation and assess your goals for the upcoming year. And with rates creeping downward, it may be a good time to refinance to:

Pay off Debts

Lock in a low fixed rate

Pay for college expenses

Make home improvements

Plan for retirement

Call me today for a free consultation!
813-748-2505

Mortgage rates creeping downward

2006-11-12T20:32:00.000-05:00

November 12, 2006

Mortgage rates are continuing their downward trend this week, with the average rate for a 30-year fixed mortgage now at 6.31% (source: bankrate.com). This is in sharp contrast when over the summer, rates were hovering around 7%. While no one can predict where rates will go,
now may be a good time to refinance your existing mortgage and lock in to a lower fixed rate. Of course, you must take into account how long you plan on staying in your house. There are many options available, depending on your particular circumstances. Please call me for a free consultation if you are considering this important financial decision.

Credit Reporting Quiz #2

2006-10-08T22:55:00.000-04:00

October 8, 2006

Credit Reporting Quiz # 2

True or False?

The more income that you make, the higher your credit score.

The answer is false.

Income is not a determining factor in the calculation of your credit score. In a nutshell, your credit score is primarily calculated by looking at the ratio of your debts to your maximum credit limit, and how you pay your bills. There are people with high incomes, that have bad credit because they are not paying their bills on time.

Your income, however, will become an important factor when you apply for a loan, and the amount of credit that a lender will let you borrow.

Credit Reporting Quiz #1

2006-09-20T22:31:00.000-04:00

September 20, 2006

Credit reporting quiz: True or False?

In order for my credit report to be used or seen, I must give my permission to the company that is inquiring.

The answer is false.

One of the practices I take with all my clients is to go over their credit report and look for inaccuracies, errors, omissions, etc. I also give tips on ways to improve their scores. And many times, my clients are amazed at the number of inquires that appear on their credit report. Most of them, of course, were done without their permission. But the fact of the matter is that any company that has a legitimate reason to use your credit information can access it. Only your employer, or potential employer, must have your permission.

A day to remember

2006-09-11T21:54:00.000-04:00

September 11, 2006

Do you remember where you were on that dreaded day, exactly 5 years ago, when the Twin Towers came crumbling down? It is one of those moments in time that is indelibly etched into our memories forever. Just about everyone remembers where they were, what they were doing, etc. Perhaps the only other time in the history of our country where that was true, was during the Kennedy assassination, and the attack on Pearl Harbor.

And just as we can still remember that day exactly 5 years ago, we should take time to remember those that innocently lost their lives on that day. And that they lost their lives much too prematurely. We should also remember that many of them left behind children and families. And that each and every one of them woke up that morning not knowing that they would forever be a part, albeit a sad part, of American history. We should remember that it was not because of their choosing.

We should also remember all the courageous acts by the firemen, policemen, hospital workers, good samaritans, etc. that risked, and many lost, their lives to help others. Many of these workers still have health complications because of their courageous acts. Many of them think about that dreaded day, each and every day. We should also remember that there are many people overseas right now, that are fighting for protecting our freedom. They too are risking their lives for a war that we did not start. Many of them too have families at home that may not see them again.

Let us all take time to reflect and remember that day....and to also remember this day. We should all take a moment to remember what is important in this life....it is not how much money you make, or what you have, etc. It is the relationships that you have that is important (i.e. your relationship with God, your family, yourself, your friends, neighbors, etc.). Will others miss you when you are gone? How will you be remembered after you are gone?

Think about these questions as you take time to reflect, and to remember that dreaded day, to remember this beautiful day, and hopefully to remember a future day.

And may God Bless America.

Hurricane workshop for this weekend

2006-09-07T12:14:00.000-04:00

September 7, 2006

Hurricane Workshop

I just came across an interesting workshop that should be of interest to all homeowners in the Tampa Bay area:

When: 10AM to 1PM, Saturday Sept 9th, 2006
Where: The Pier Aquarium, 800 2nd Ave NE

A hurricane expert from the NOAA will speak on how to prepare for the next storm, food demonstrations (ie. How to cook without electricity!), etc.

Should be an excellent and informative event.

Pause in interest rates

2006-08-29T21:26:00.000-04:00

Aug 29, 2006

After more than 2 years of interest rate increases, we finally got a reprieve earlier this month when the Fed decided to stay firm with interest rates. It is obvious that the Fed is concerned about the weakness in the housing market, and the effect on consumer spending by raising rates, so they paused. There is concern that too many rate hikes can lead the economy into a recession for 2007.

So where will rates go?

The Fed meets again on Sep 20 and the minutes from the last meeting give no indication of what the Fed will do. Thus there is a lot of confusion. Some analysts believe that another rate hike is imminent, while others believe that they will continue their pause, and wait until December for another rate increase.

We will have to just wait and see.....

The real estate market has changed in Tampa

2006-08-05T10:22:00.000-04:00

August 5, 2006

The market has changed.

There is no doubt about it that the real estate market has changed. Take a look at some of the data from the Greater Tampa Association of Realtors (YTD May)

Residential Listings
YTD May 2005 - 4,255
YTD May 2006 - 15,531

More than three times as much inventory!

Total Residential Sales
YTD May 2005 - 10,988
YTD May 2006 - 9,645

If you are in the process of selling your house, it is more important than ever that it is priced and marketed correctly. Otherwise, it will just sit and sit and sit and sit on the market longer than anticipated.

If you are looking for a Real Estate Professional to help you, I can refer you to some excellent agents.

Improving your credit score

2006-07-29T21:01:00.000-04:00

August 2, 2006

There are many factors that determine your credit score. And all three major credit bureaus do not publish their criteria in how they calculate your credit score. However, here are some steps you can take to improve your score:

Pay your bills on time

Keep your credit card balance below 30% of the available credit limit

Keep your credit card accounts open and active even if it is just to buy food or gas, and then pay the balance in full

Review your credit report for errors at least once a year

You can get a free credit report at the following web site:

http://www.annualcreditreport.com

South Tampa prices keep rising

2006-07-22T22:44:00.000-04:00

July 23, 2006

There was an interesting table in the Tampa Tribune yesterday showing some of the average prices for South Tampa housing. They broke it out according to whether the home is located north of Gandy, or south of Gandy. Here are the results:

South of Gandy

2000 - $110,156
2005 - $231,424
2006 - $237,504

North of Gandy

2000 - $271,330
2005 - $497,880
2006 - $530,468

The data for 2006 is through the first six months of the year. What the data shows is that prices are still rising. So much for the so-called "Real Estate Bubble".

Mortgage rates at a 4-year high

2006-07-21T22:28:00.000-04:00

July 21, 2006

Freddie Mac, chartered by Congress in 1970 to help the flow of money in the secondary mortgage market, recently reported that mortgage rates are at their highest level since May 2002.

Here are how some of the averages compare today versus 1 year ago:

30 year fixed
6.80 vs. 5.73

15 year fixed
6.41 vs. 5.32

5 year ARM
6.36 vs. 5.26

As you can see, mortgage rates have risen considerably.

The release of the June core Consumer Price Index (CPI), created some concern in the financial markets that the Fed would be more inclined to raise rates later this year. And the tension and uncertainty in the Middle East is not helping the situation.

If you have a mortgage that you are thinking of refinancing, don’t procrastinate. As the old saying goes, "if you snooze you lose". You could be losing significant money over the long-run by even just a quarter point increase in rates. Call me for a free consultation to discuss your current situation.

Ways to eliminate credit card debt

2006-06-21T12:00:00.000-04:00

June 21, 2006

Did you know the average American household has about $8,500 in credit card debt? About 3 times what it was back in 1990. Many Americans are in way over their heads when it comes to managing their credit card debt. And the numbers keep increasing every year. If you are in that predicament, you are not alone.

So how do you eliminate credit card debt, if you've gotten into such a deep hole?

The first thing you need to do is come up with a plan your attack. And to properly do that, you need a good assessment of your current financial situation. That means getting a picture of your current income and expenses.

How much do you take in per month? Can you take on a part-time job? You'd be surprised how quickly you can eliminate debt with additional income coming in, provided that your spending does not increase. If your extra income went solely to paying off the credit cards, you could quickly eliminate that debt. There are always part-time jobs available in the restaurants, hotels, retail, etc.

If an extra job is not in the works, then you need to look at the other side of the equation: expenses.

How much do you spend per month? And what can you cut back on? Obviously, curtailing expenses is not easy in this spend-happy society that we live in. We are constantly bombarded with advertisements to buy this or to buy that. It will take some discipline, but it can be done. But in order to get where you are going, you must know where you are starting from. Keep track of every expenditure. There are good computer programs like MS Money, Quicken, etc. that can help you do that. You can also set up a spreadsheet, or even use a good old fashioned notebook. Ideally, you'd like to get at least a 3-month history. It may not be as time consuming as you think. Your bank probably has your banking detail online that can be exported, or printed for these purposes.

Next, determine the balance on each card, and the interest rate that you are paying. List them in order, starting with the highest interest rate. This is the first one you want to attack. See if you can consolidate credit cards to the one with the lowest rate (if you're not maxed out). You may look for cards with a low introductory rate. That way you can transfer the balance from a higher rate to a lower rate. And while you are in the introductory period, be sure to pay off as much as you can to take advantage of that window of opportunity.

Stop using the credit cards, or use them only in the case of an emergency. Or start using your debit card instead, that way, there is no bill to pay at the end of the month. Or just use one credit card (the one with the lowest rate) and keep the rest at home.

Pay more than the minimum amount due. All you do is dig a deeper hole when you pay the minimum amount due. Your balance will INCREASE when you pay the minimum. And you boost the profits of the credit card companies. Even if you have to scrimp and save, do whatever you can to pay more than the minimum. That way you start reversing the tide into your favor.

Avoid late fees. Late fees can quickly add up if you are not paying your bills on time. And it will put gravity on your credit score. If you can, set up an online payment where it automatically deducts from your bank account every month. That way you'll save money (and won't have to worry about your credit score going down).

See if you can renegotiate the interest rate. Many of your credit cards that are in the 18 to 19% range will lower rate if you just call and mention you are thinking of transferring the balance. You usually can get them to lower to about 12 to 13%. All you have to lose is a phone call. They would rather keep the business, than losing the account to a competitor.

We all know that having too many credit cards, especially if they are near the maximum will hurt your credit score. So how many credit cards should you carry? What is the optimum number of cards? Although the credit bureaus will not publish an optimum number, ideally you want to have around 3 or 4. If you have more, cut up the cards - but don't close the account - especially if you've had it open for more than 2 years. Credit history accounts for a big part of your credit score in a positive manner.

Stop the flood of credit card offers: You can opt out of the credit bureaus selling your information by dialing 1-888-5-OPTOUT.

Do you have any savings that might be better served in paying off your debts? Compare the interest earned on the savings vs. the interest you are paying on the credit cards. You'll find the interest on the credit cards are usually a lot higher. Although, you have to weigh that against having some emergency money available for the so-called "rainy days".

Consider consolidating your debts into a regular-term note. The interest rate will be lower, and you'll only have to make one payment a month. But resist the urge to take on more credit card debt, until you have the consolidation loan paid off.

And finally, if you are a homeowner, you may need to take out a home equity loan (HEL), home equity line of credit (HELOC), or refinance your existing mortgage. The benefits are that the interest on the HEL or HELOC is a lot lower than the interest you are paying on the credit card. And you may also realize some tax benefits as the interest on the is usually tax deductible (consult with your tax advisor for proper treatment).

This should be a last resort, but if you are thinking of the last two alternatives, please consult with a mortgage professional. They can quickly determine if that alternative is right for you.

And with a little bit of time, discipline and planning, you too can join the many other Americans that have been able to get out of credit card debt once and for all.

90K Profit potential on a S. Tampa rehab, make money!

2006-06-07T20:52:00.000-04:00

June 7, 2006

A colleague of mine just passed along an excellent rehab investment opportunity:

4 bedroom / 2 bath
1716 square feet
Lot 50x100

Massive kitchen w/ island
Roof approx 3 years old
Fireplace

After Repair Value - Sold comps = $344K
After Repair Value - Active comps = $383K

Asking price = $250K
Repair estimates = $20K

The location is in excellent south Tampa.
Please call me asap if you want to know more about this opportunity!

May's economic report on interest rates

2006-06-04T23:55:00.000-04:00

June 4, 2006

Where are interest rates headed?

With the most recent downturn in the stock market, one has to be wondering whether we are heading into a bear market, and if there will be a Fed policy shift to keeping interest rates steady during the next FOMC meeting in June. In fact, May's monthly performance was the worst in nearly two years:

Dow -1.8%
Nasdaq -6.2%

There are also some other signs that could bode well for an interest rate pause:

Weaker than expected Employment Report for May

New hires of 75K versus expectations of 175K
Hourly earnings rose .1% instead of expected .3%
Positive note: Unemployment down slightly to 4.6% nationwide

Pulte Homes (PHM) reported that new orders for April and May were down 22% compared to the same period last year. Of course, higher interest rates, along with higher inventories will impact housing demand.

This past Wednesday, the Fed released the minutes from their May meeting. Obviously, inflation was a major topic of discussion. The members discussed policy options from a rate pause, 25 basis point increase, and even a 50 basis point increase. They of course, settled on a 25 basis point increase.

From the minutes

"Still, it seemed most likely that, with modest further policy action, including a 25 basis point firming today, growth in activity would moderate gradually over coming quarters, pressures on resources would remain limited, and core inflation would stay close to levels experienced over the past year."

Despite some economic cooling, I believe we're in for another 25 basis point increase for the June meeting. It is unlikely in my opinion that the Fed will pause after just one month of economic data. There are aberrations in the data that happen all the time. But it does appear that after 16 straight rate increases, that their work is starting to pay off, and that maybe we will see rates stay flat during the summer months. Which would be good news for the housing and the stock market.

An excellent deal in South Tampa!

2006-05-29T10:30:00.000-04:00

May 29, 2006

I just came across an excellent deal in South Tampa. It is a 3 bedroom, 1 bath, 1125 square feet with new A/C unit, floors, doors, windows, bigger than average lot size, etc. This is ready to move in, and the neighborhood is great (up and coming south of Gandy)!

The owner is asking $183K....if you've been looking around for property, anything under $200K in South Tampa virtually does not exist anymore. The owner is looking to sell quickly. He probably will be listing it on the MLS next week. So now is a good time to get this before it is gone.

If you qualify, I can get your payments (p+i) on this house to be $610 per month with our "Pick-a-Payment" program. Investors: You can probably get $1200 per month rental income on this property, so you'd positive cash-flow at the start.

Call me at 813-748-2505 if you want to know more about this property.

Investment Opportunity in North Port

2006-05-16T20:28:00.000-04:00

May 16, 2006

A colleague of mine just passed along an excellent investment opportunity. Here is what he sent me:

"an exciting way for you to purchase pre-construction homes with no money down and priced 10% below appraised value in the Sarasota/Charlotte/Highlands County areas. Attached, please find an overview of the program.

North Port, a city located between Sarasota to the north and Ft. Myers to the south, has all of the demographics that we seek for investment and is the affordable housing center for both Sarasota and Ft. Myers areas. Homes in Sarasota County are increasing in value rapidly. Prices for new homes in North Port range from $200,000-$350,000 and there is a ready pool of potential rental tenants. We can offer you the following investment opportunity:

Purchase of a Pre-Construction CCI Home with an appraised value 10% greater than your VIP price - current models to choose from are - The Key West II - 2307 living SF; or the The Lido - 2116 SF - each home is 3 bedrooms and 2 baths with a 2 car garage on a lot of approximately 1/4 acre.

* A $3500 fee to SunCoast Properties is required to secure your spot and to lock in pricing.

The Key West II - 23017 SF - Standard Retail Price = $308,000 - VIP Price = $278,000

The Lido - 2116 SF - Standard Retail Price = $292,000 - VIP Price = $263,600

Prices includes the cost of the lot, improvements on the lot, permitting, closing costs, mini blinds, septic & well, appliances (refrigerator, stove, dishwasher, washer & dryer), and standard landscaping."

For those that don't know the area, the Sarasota / Bradenton area is highly desirable with access to excellent beaches, fine restaurants, schools, the arts, golf courses, etc.

Because of its desirability, the real estate market was one of the hottest in the country the past few years with average price increases of 33%. The average priced house in that area is now approximately $340K. That price, of course, is out of reach for many potential homebuyers. What's happening in Sarasota (like many cities) is that more and more people are willing to sacrifice a longer commute in order to have a more affordable house. This is a change from when I used to live there in the 1980's and 1990's, when it was basically a retirement town.

What does this all mean? I believe towns like North Port, Englewood, Venice, etc. will probably experience above-average growth rates in appreciation the next few years. Now is a great time to act on an investment like the one above. Please call me (813-748-2505) for a free consultation and I can tell you more about structuring the proper loan for your investment purposes.

Selling your house? Tips for attracting more buyers

2006-05-11T21:02:00.000-04:00

May 11, 2006

Remember when your parents told you that you should not judge a book buy its cover? Generally speaking, they are correct. But when it comes to home buyers judging a potential house for purchase, they very much will judge the inside by the way it looks on the outside. First impressions are very important.

So to get more potential buyers to get inside your house, you need to spruce up the outside. Here are some tips that will increase your house's "curb appeal", attract more visitors, and perhaps increase the value as well:

Make sure the exterior paint is in good condition. Particularly by the doors and windows. If there is any paint that is cracked or peeling, it is a good idea to scrape it clean, and apply some fresh paint.

Check the decks, driveways, porches, etc. If they are moldy, or dingy- looking, a good power washing will enhance its appearance.

Remove any unnecessary garden tools, toys, engine blocks, pet remnants, etc. You want to keep things as uncluttered as possible.

Trim any tree limbs that are touching the house. Hedge any bushes that need a good hedging.

Keep the lawn mowed as much as possible and get to those nasty weeds that you've been procrastinating about.

Rake up and dispose of any old leaves.

Brighten up the entry-way with some flowers and potted plants including chrysanthemums and geraniums. Or any other attractive plant. Any of those famous home improvement stores have a good selection.

Don't forget about the evening "curb appeal" i.e. string some low voltage lighting along your driveway, sidewalks, etc. You may also consider a decorative street lamp or some other light fixtures.

So don't forget about the all-important first impressions when you are about to put your house on the market. Especially since we are now in more of a "buyer's" market, as opposed to the past few years. Good luck in your house selling!

Increasing number of sinkhole claims

2006-05-08T21:50:00.000-04:00

May 8, 2006

An interesting article appeared in the Tampa Tribune yesterday indicating that Pasco County is the sinkhole capital for the state of Florida. Certainly not an honor that Pasco County would like to have. Nonetheless, most of the reported sinkholes since 1970 have been along the western portion of the county, along US 19.

And with more and more development in the county, there has been an increasing number of sinkhole claims filed with the insurance companies. Many of which are struggling to operate in light of the last two busy hurricane seasons.

Take a look at what is happening to your homeowners insurance premium in regard to the percentage that applies to sinkhole claims:

1992 percent of a homeowner's insurance premium = .05%
2005 percent of a homeowner's insurance premium = 3.7%

Sinkhole claims cost the state insurers $67 million a year.

According to the article, you have a 1 in 100 chance of experiencing a sinkhole in any given year in the Tampa Bay Area. The odds are pretty low, but if you want to see if your property has ever been reported as having sinkhole activity, check out the link below:

http://www.dep.state.fl.us/geology/geologictopics/sinkhole.htm

My Mortgage Philosphy

2006-05-01T22:42:00.000-04:00

May 1, 2006

Going through the mortgage process can be a tough chore. There are so many options and choices available. The many products offered by the lending institutions are constantly changing. And more are being added all the time.

In fact, there are types of mortgages today that did not even exist a few years ago. The consumer is faced with more options than ever. With so many choices, how do you know which mortgage is right for you? And now with real estate prices rising considerably, you want to make sure that you pick the right mortgage. The stakes are just too high. Even just a quarter point (.25) difference in interest rate, can mean thousands of dollars over the life of the mortgage.

You work too hard for your money not to get the best deal. You should expect it. Whether you are looking to:

refinance for a better rate or term

consolidate your debts

purchase your dream house

or purchase your first house

You need someone that will stand by you all the way through the process, and someone that will find you the best loan for your circumstances, and explain it to you in clear English. I can help you determine the right mortgage for your needs.

Please call me for a free consultation.

I look forward to helping you.

Larry Aiello
Mortgage Consultant

First Post for Tampa Mortgage Consultant

2006-04-28T08:52:00.000-04:00

Here is my contact information:

PrimePlus Mortgage
1408 N. Westshore Blvd.
Tampa, Fl. 33607

Fax 813-200-1501