Florida Mortgage Report

Tomorrow is the Last Day at This Domain

I still see many of you subscribing to this feed and/or commenting on this blog.  This post is a reminder that the Florida Mortgage Report will not be located at www.floridamortgagedaily.com after tomorrow.  I will be moving my Florida Mortgage Daily (mortgage market updates) blog to this domain March 1, or shortly thereafter.

That being said, this blog is currently hosted under Typepad, so the blog will remain here for nearly a year, though no comments will be accepted (stopped 2/15/08) and the blog will not be updated any longer.  To follow my writings, please jump over to www.flmortgagereport.com and while there, don't forget to subscribe to that feed to stay up to date.

This will ensure lively discussions continue on the "hot topics" such as Money Merge Accounts and other mortgage acceleration strategies, as well as current events.  All prior posts are over there already (and some new ones), so if you liked a post (or even linked to one), check out the same post (and link to it) over at the new location, www.flmortgagereport.com. 

There are two main reasons for the change that I mentioned before in case you are wondering.  Number one is the change to WordPress to add more flexibility and control.  Since I rely on feedback from you, you can have an effect on how the site looks and its functionality.  I want it to be a very user interactive site and WordPress allows that more easily.  Number two is that I wanted to match domain names to the blog titles.  It was rather awkward, as you can imagine, say the Florida Mortgage Report was at www.floridamortgagedaily.com then turning around and saying Florida Mortgage Daily didn't have its own domain.

So, once again, please go over and visit www.flmortgagereport.com and subscribe to its feed to continue staying up to date on the Florida Mortgage Report.  If you want to see mortgage market commentary, keep www.floridamortgagedaily.com bookmarked and return in March when I have that blog up and running on this domain.  You can also check out my contributions over at Lenderama and Agent Genius.

Economy Gets Stimulated: So Are You Excited?

President Bush signed into law the economic stimulus package we have all heard about.  Even the IRS said today that they will begin mailing checks in May for those who filed 2007 taxes, so make sure you file this last year if you haven't been.  It is "free" money after all, right?

Are you excited to get your money and rush out and spend it?  Are you excited that you can turn your jumbo loan rates into a new conforming loan (limited time offer, contact me for application), maybe even take some equity out so you can rush out and stimulate the economy even further?

I don't know about you, but my money is not going to be spent, rather I will invest it wisely, that way it will actually mean something in the future.

So, what changes occurred that Floridians should know about?

Well, you may qualify for up to $1,800 rebate, or more.  That's pretty cool, even if the rebate is only $300.  So, you need to decide what you "should" do with that money and not just blow it.

Conforming loan limits have been temporarily increased.  That means you may qualify for refinancing your high jumbo rates for a lower "conforming" rate.  I would be happy to help you determine if this is truly in your best interests, as it may not be in reality.

I am not going to get into the nitty-gritty details here as the post would just drag on.  If you want to know more on how the stimulus package can benefit you, especially as it pertains to your mortgage, contact me and I will be happy to assist you.

Florida Property Tax Reform Amendment - Update

As I mentioned earlier today, Floridians may be setting history today with their voting.  Property Tax has been a huge issue with property owners and real estate professionals alike and the controversial amendment was up for vote today as Amendment 1. 

As I mentioned earlier, everyone I encountered and asked how they would vote stated they just wanted something since the state government has not been able to come up with a better plan.  It appears that the amendment will pass with over 70% voting for at this time, showing government officials that Floridians are tired of waiting for nothing and are simply happy getting something, even if it isn't anything close to what they wanted.

So, hopefully this will send a clear message to Tallahassee that more reform is still needed and that Floridians faith in the government providing a genuine solution is lacking.

House Passes $146 Billion Economic Aid Package

The House pushed through their version of the economic stimulus package you likely have been hearing a lot about lately.  The vote was 385-35, but now the package will face issues in the Senate as the Senate version differs from the House, so don't expect a check in the near future, at least not yet.

The plan would send at least some rebate to anyone with at least $3,000 in income, with more going to families with children and less going to wealthier taxpayers.  The House version would speed rebates of $600-$1,200 to most taxpayers.

The Senate version differs as it is a larger package that adds billions of dollars for senior citizens and the unemployed, and shrinks the rebate to $500 for individuals and $1,000 for couples.  The biggest issue between the two versions will likely be that the Senate version would deliver checks even to the richest taxpayers, who are disqualified under the House-passed measure.  The target date to send the bill to the President is February 15, but that looks difficult to achieve at this time. 

I always find it hard to believe how slow the government can work when a bill that helps the majority takes so long, but when a bill that helps the minority passes in just 2 days.  Case in point, the recent change in the retirement age of airline pilots, a change helping the minority while potentially jeopardizing safety.

The question remains not about whether or not there will be an economic stimulus package, but rather when and in what form will that package get approved.  Then we can move on to whether or not it will actually help.

Florida Voters Make History?

Today is a big day in the state of Florida.  No, I am not talking about the Republican Primaries or even the Mayoral elections.  I am talking about the #1 question on the ballot, property tax reform.

That's right, today is the day Floridians get to vote on property tax reform.  With all of the controversy surrounding the amendment, most that I have talked to will vote yes, stating something is better than nothing.  Do you agree?

Take a moment to weigh in on your feelings about the Amendment.  Are you in favor or not?

Stimulus Package Means Recession is Over

I am sure you have heard it, but the House has put together a bi-partisan plan to provide tax rebates to stimulate the economy.  That means the recession is over.  Or does it?

The details are basically this, you may receive a tax rebate check from $300 to $1,200 (what I have heard was the max) and that is supposed to get you to spend more money and keep the economy from tanking.  Yeah, that'll be enough to get me to buy that Hummer I always wanted.

Let me make a suggestion, which you can take or leave, but take the money and invest it instead, and I mean throw it into something that will have the potential for great returns, what have you got to lose?  Put the money at risk because you wouldn't have had it anyway.

You think I am nuts?  If you take this money and invest it and the market tanks more, you only lose that money and you continue your life as it ways before you ever received the check.  However, if you invest that money reap great returns, the money will multiply over time, becoming an even greater "stimulus" later.  Your chances are better now that the markets have been beat up for a while, so much so that virtually the only way for the markets to move is up.

So, if and when you get that check, fight the urge to spend it and go out and invest it instead.