A pedestrian’s paradise

The very center of the city is compactly located within a radius of one square mile. Everything you need is within walking distance – bars, restaurants, grocery stores, art galleries, salons, coffee shops, a university, a beautiful waterfront, and more. The terrain is flat, very comfortable for walking.

Tampa is also an ideal city for cycling trips. If you don’t have a bike, you can use the new Bike Share Program, which lets you rent a bike for an hour.

Weather

Florida has beautiful weather for 7 months. Although it is very hot in summer, there is an excellent infrastructure of beaches, and air conditioning easily solves this problem.

The great news is that for 7 months of the year, the weather is just fine.

Art

Here you will find a wide variety of museums. Here is the Dali Museum, which attracts people from all over the world. There are several fine arts museums, glass galleries, and museums for children.

The city is also home to many talented artists, and some of them work in art shops. You can watch them blow glass, sculpt with clay, paint, or create murals, you can not only see the final product created by these artists but also acquire a work of art by seeing it with your own eyes.

Live music

On any night of the week, you can find live music here, whether in the city center, on the beach, or somewhere in between.

Restaurants

Sushi, Latin American, Thai, Vietnamese, even for sophisticated gourmets – in Tampa you will find a restaurant for all tastes.

The first thing that catches your eye is that most restaurants in downtown Florida have outdoor seating.

If you are from Europe, it will remind you of the many sidewalk cafes that are so popular there. It seems that relaxing in a café by the road gives the city life and drive, and it is also very convenient during COVID 19.

Just walking by, you will already cheer yourself up, watching the many people on the street having a good time.

Beaches

Here is probably the best beaches. You are in the Gulf of Mexico, where the water is turquoise blue, calm, and warm. You will love him so much that you will not want to leave there!

Local culture

Everything here is local, and this gives the culture color, revives it. There is high competition among restaurants, so they must maintain a high standard to survive.

Beyond restaurants, Florida really appreciates the local culture, which is evident in the abundance of local craft workshops, artist workshops, mini-breweries, and more.

Drive to work

It’s amazing how much there is in such a small area. Even with so many people, businesses, and things housed in a small space, it’s easy to get around here on foot.

Pinellas County is the most populous county in Florida, you can imagine it will be difficult to travel here due to the heavy traffic. But its beauty lies in the fact that this city is built as a network with several passages to the north, south, east, and west.

This prevents traffic from accumulating on one road and makes it easier to move around the city. The biggest traffic jams you will see are on the I-275 ride to and from Tampa.

Affordable housing

Here everyone will find something for themselves. You can find exactly what you need, from inexpensive but refurbished homes to coastal mansions.

Here are downtown apartments, 55+ communities, affordable townhouses, historic homes from the early 20th century, newly built modern homes, and more.

If you live here and plan to stay for at least a few years, it highly recommends buying rather than renting a home.

Aside from owning your own home, you can be smart about spending money and ultimately benefit from it.

Buying is not always the best option, however, much of the land in Tampa is prized due to the constant development of infrastructure and demand.

Picture Credit: Pexels

The post Reasons To Buy Tampa Properties appeared first on Home Mortgage Tampa Bay.

As you probably already know, interest rates on loans have been recorded low in recent years, this has not happened in the United States for probably 20 years.

As for a home loan, there are two rates:

1. fixed;
2. adjustable (floating).

Fixed-rate loans

A fixed-rate is most often used for loans for 30 or 15 years. For 30 years now the rate is 4.1%, a couple of years ago it was 3% and this was the lowest percentage in history.

The fixed-rate at the conclusion of a loan agreement for 15 years is now 3.4%, floating – from 3.1% to 3.25%.

What the difference between the types of interest rates is?

So, a fixed-rate. You conclude an agreement, take out a loan and for 30 or 15 years you pay a fixed amount, that is, under no circumstances will you pay more.

Adjustable-rate loans

When you conclude an agreement, it states that for, for example, 10, 5, or 7 years you will pay such and such an interest, after which the bank has the right to raise the interest rate.

How much it can rise every year is stipulated in the contract. In fact, such loans are beneficial to those who plan to pay off everything within this fixed period or are going to sell the house before the end of this period.

Most often, such a loan is taken by people who have arrived, for example, from another state. They want to buy a house, work for a few years, then sell it and move elsewhere.

In this case, an adjustable-rate is more profitable than a fixed rate, because it is lower. If you are going to sell your house in 3-5-7 years anyway, it doesn’t matter.

But if you are going to live in it and will not be able to repay the loan within a certain period, then the loan rate will greatly increase, it will be unprofitable. If we consider the terms of 15, 20, 30 years, then a loan with an adjustable-rate is much less profitable than a fixed one.

Refinancing

Sometimes refinancing is done when there are problems with funds and a person wants to reduce the loan payment.

For example, if a person has been repaying a home loan for 5 years and pays $ 1,800 a month, then if he refinances for 30 years, the remaining unpaid amount will be distributed for 30 years in advance. That is, a person will pay on the loan for another 30 years, but the amount of the monthly payment will fall. For example, he will pay $ 1,600 or $ 1,500 depending on the amount owed and the interest rate. This is one of the reasons people refinance.

Picture Credit: Unsplash

The post Home Loan: Fixed-Rate vs. Adjustable-Rate Mortgages appeared first on Home Mortgage Tampa Bay.

As you know, one of the main components of the American dream is nothing but its own home. It’s no secret that the United States of America is on the list of the most profitable countries in the field of lending, especially mortgage lending. The low-interest rate on loans, a loyal attitude to borrowers, and a high standard of living in the country allow Americans to take loans without thinking about the multi-year burden of paying it off.

First of all, let’s understand the concepts of mortgages and loans secured by real estate

Wanting to buy a house, and not having the financial ability to do this, you go to the bank for a targeted loan – to purchase real estate. In this case, the house itself acts as a mortgage, as a pledge to the bank for a loan granted to you for its purchase, or for the purchase of other housing pledged to your property.

When registering such a transaction, the mortgage object will be officially entered into the register of rights to real estate, and information on the status of real estate “on bail” will become public. Until you fully repay the loan, the property will be documented by the pledgee – the bank, and formally by you. A mortgage loan is a type of loan in which funds are provided for the purchase of the real estate.

A bank transaction in providing you a consumer loan, for example, to purchase a car, as a guarantee of your real estate (of which you are the owner), will be considered a “loan secured by real estate”.

Despite the fairly affordable housing prices, many Americans, not wanting to lay out the sum of the cost of real estate in a single payment, take a mortgage for a period of 30 years. This makes it possible to monthly give the minimum part of their income to repay the loan, and not stay in the conditions of austerity.

Of course, in aggregate, the amount paid on interest for such a huge period of time will significantly exceed the interest on the loan for a period of 10 years. A mortgage for a period of 30 years at a 5 percent rate will cost the borrower twice the value of the property. This is because the client, paying a small amount on a loan monthly, pays almost one percent.

The borrower has the right to make a monthly payment several times larger than specified in the contract, thereby reducing the loan repayment period, if this does not contradict the terms of the contract.

A mortgage can be either with a fixed interest rate – Fixed-Rate Mortgage (FRM) or floating – Adjustable-Rate Mortgage (ARM).

What is the interest rate in the United States for real estate lending?

Americans are always faced with the choice of which option mortgage will be more profitable for them. The size of the floating interest rate is always lower than the fixed one (by 1-2%), but it is significantly affected by the conditions associated with the state of the US economy at the time the bank revises the rate. Having taken such a mortgage, the borrower kind of “plays roulette” with an interest rate, and is not able to distribute his expenses in the future.

Depending on the conditions of such a loan, the floating interest rate may not change in the first 3, 5, 7 years (3ARM, 5ARM, 7ARM) from the moment of mortgage registration, after which it can be raised to the limit values, for example, from the initial 3% to 7%.

At the end of the fixed period, the bank will annually review the rate until the borrower fully repays the loan, and in extremely rare cases, downwards. This type of mortgage is preferred by those who plan to repay the loan in a short period of time. Rates on such a loan on average range from 3.1% to 4.5%. To date, the rate on five-year mortgages (ARM) averages 2.85%.

The option of a fixed interest rate mortgage, due to the absence of risks, is increasingly attracting Americans. It is used by 75% of borrowers. Often, potential buyers of real estate wait for a moment of economic stability in the country, at which the rate of FRM is not too high and the entire loan period pays a lower interest rate.

90% of Americans wanting to buy real estate on credit choose a mortgage for a period of 30 years with a fixed interest rate. The average rate on such a loan is 3.72%.

For example, taking a mortgage in the amount of 200 thousand dollars for a period of 15 years, with an interest rate of 3.23%, the total repayment of the borrower will be 252 thousand dollars, for a period of 30 years with an interest rate of 4.5% – 365 thousand dollars. Over 90 percent of all real estate transactions in the United States accounted for by a mortgage.

Picture Credit: Unsplash

The post Types of Mortgages appeared first on Home Mortgage Tampa Bay.

How coronavirus will affect housing prices is one of the most popular searches on Google. Analysts agree that the epidemic has made prices in the real estate market unstable. At the same time, the owners are in no hurry to sell apartments urgently because of a possible decrease in the solvency of customers. They are waiting for the virus to decline, and the economy will recover.

First of all, difficult times have come for commercial real estate, people are working from home, demand for offices has decreased, hotels are empty, many shops are closed, there are big problems with rent payments, in some cities, rent payments have literally collapsed. Experts believe that this will last at least 18 months.

According to economists, a drop in market activity will lead to the impoverishment of many households, and people simply will not be able to count on purchasing their own housing. Thus, the demand for American residential apartments will begin to decline rapidly, and the growth in the cost of square meters will stall for an indefinite period.

“Aggressive funds” in the US will not lower prices

American housing market analysts in their forecasts rely on the behavior of Internet users. In the USA, the most frequently searched words on Google are “I can’t pay the rent” and “unemployment benefits”.

Given how high housing prices are, its owners have few opportunities to offer tenants milder conditions, since they should be able to cover their large mortgages in order to avoid foreclosure. As a result, the housing rental market chain can quickly break downs.

US real estate funds are the most “aggressive”. If the demand for housing begins to fall, they will not think long and begin to invest in other sectors of the economy. The decision of the US Federal Reserve System (FRS) to lower the key rate allows mortgage funds to refinance themselves and reduce losses due to weakening solvency of customers. However, this measure did not produce the desired effect. Mortgage rates do not fall.

At the same time, as unemployment rises, house prices will be forced to adjust — that is, fall. If the aforementioned requests from Google turn out to be more than a simple warning, and landlords cannot pay to rent apartments, investors may run into big problems.

The real estate market has been, is and will be. Gradually, it will adapt to functioning under quarantine. The main thing is to wash your hands, monitor hygiene and keep calm.

Picture Credit: Unsplash

The post Coronavirus Puts Pressure On the Real Estate Market appeared first on Home Mortgage Tampa Bay.

The decision to get a mortgage should be approached reasonably and responsibly. Compliance with the data will make it possible that the loan practically does not affect your lifestyle, and new housing brings only joy.

1. Keep your lifestyle acceptable

Mortgages will not be a yoke for your family if mortgage payments do not become an important part of your budget. That is, you will be able to repay the loan on a monthly basis and this will not radically change your lifestyle and will not harm the interests of family members.

2. Predict your earnings

When calculating a mortgage loan for 15–20 years, think about how many years you can repay it. Your needs will change tremendously over the course of 20 years, and most likely your expenses will increase. Children, health problems and similar things may appear. Predict your income for at least 7-10 years and do not take into account bonuses or unfixed dividends. They may not be, but there will be payments.

3. Have savings for the year of payments in advance

Yes, at least for a year. Because life is unpredictable. Maternity leave, dismissals, job cuts, serious illnesses, and injuries. You must be confident in your future, and not be in fear of change. A strategic financial reserve will help you sit comfortably with your child or survive difficult times. Or have any assets that you can quickly sell.

4. Choose the right place

Carefully choose the area where you are buying an apartment. Especially if this is not an investment purchase and you will live in it, go to work from there, look for a kindergarten and a school nearby. Never choose an area according to the principle of “what was enough money for”. You should be comfortable there! It is verified that if you evaluate the time to travel to work and back home as tolerable, then very soon it will become intolerant. And you have already bought the apartment, made repairs and new solutions often do not have enough money and moral strength. Dissatisfaction will accumulate, and the existing mortgage loan will be to blame.

5. Calculate the apartment area

You take a mortgage for many years, and if you are a young family, then, probably, children will appear soon. Think about comfortable accommodation for all family members in advance. Because buying a larger apartment in 2-3 years, most likely, will cost a considerable amount of money. If you did not make early payments, you will find that you have been paying interest all this time and owe the bank exactly the amount you started with. And if the cost of your apartment has decreased, then you will have to pay the bank more. As a result, often a rather big family lives in a small apartment and blames the heavy mortgage on everything.

6. Have a backup plan

In case everything goes wrong. If a well-built plan is not so reliable, you must understand how you will act and where to live.

Life is unpredictable. But these simple rules will provide you a calm life and a good credit history.

Picture Credit: Unsplash

The post 6 Rules of Safe Mortgage appeared first on Home Mortgage Tampa Bay.

The best performing capital city during the February quarter was Sydney, but it only managed to record a seasonally adjusted 0.3% increase in prices, while Darwin suffered a much worse fate, with prices down 9%.

RP Data senior research analyst Cameron Kusher said in a statement the subdued capital growth is likely to continue for the foreseeable future, with values having “hardly moved” at all.

read more …

The post Australian House Prices Flat in February appeared first on Home Mortgage Tampa Bay.