Arm Loans or Harm Loans

Don Kohler and Matt McKillen wanted to share this informative article with the neighbors of Roser Park. (Sorry for the bit of delay, Don and Matt. :)) So here you are.

As everyone is almost certainly aware, mortgage markets in the United States are in severe turmoil this year. All types of media, TV, financial reports and news commentaries, are talking about the mortgage crisis triggered by the Subprime Mortgage meltdown. Many of our larger nationwide mortgage banking institutions have been closing their doors due to liquidity issues in funding new loans or being unable to sell the loans on the secondary market, which is how they normally continue to fund their operations. There is a non-profit website that is tracking the mortgage lending crisis called www.lenderimplode.com. As of the date of this article, 149 lenders this year alone have shut down operations, plus there is a list of ailing financial institutions that are being closely watched.

Loans that are primarily involved in the turmoil are short term fixed adjustable rate loans. These types of loans are usually fixed with a teaser rate for 2, 3, and 5 yr periods then convert to either a 6 month arm or a monthly changing arm. Upon conversion, some homeowners are seeing as much as 2-3% increases from their initial lower fixed teaser rates. For example, if a borrower had an initial rate of 5.75% that converted to a fully indexed rate at 7.50 % on a $275,000 dollar loan, the payment would increase from $1604 P&I (principle and interest) to $1,922 P&I. After the initial conversion, the homeowner is subject to periodic rate increases that can be monthly, bi-annually, or once a year for the remaining term of the loan. Throw in rising home-owner insurance costs, the re-assessment of property taxes, and you can see the potential financial impact these conditions can cause on a families budget.

Bear in mind, not all ARM’s are bad loans. They serve a purpose in the right situations. If a family knows the home is an interim living situation for a few years, or will be selling later down the road to downsize etc., the ARM loan is a good solution. Interest only loans have also been popular products for a home-owner that is trying to maximize monthly cash flow, knowing they can pay extra every month to principle if they desire. Fannie Mae is now offering a 30 yr fixed that allows for interest only for the first 10 yrs. This product basically gives you the best of both worlds. Long term fixed stability, plus the convenience of interest only to maximize cash flow for the first 10 yrs.

With the present change in market conditions, the rising of interest rates, and the tightening of credit guidelines, even for borrowers with perfect credit histories, everyone that has an ARM loan has to consider the short and long term consequences of their existing financing. At Preferred Mortgage (we are a direct lender), we specialize in providing an in-depth mortgage analysis of a homeowner’s existing loan based upon short and long-term plans for the property. If you are interested in this free service, I invite you to call Don Kohler or Matt McKillen at our office # 727 388-9874, and allow us to advise you on what options are available to solve your short term and long term financing needs.

Matthew McKillen and Don Kohler of Preferred Mortgage Services have over 20 yrs experience in residential lending. Preferred Mortgage offers 1st and 2nd mortgages for refinancing and purchasing of properties from 1-4 units. We are pleased to offer a special for all Roser Park residents that do business with us, a free appraisal refunded at closing.

Discuss.

For those who want to share anything from photos, events, articles, jokes, news, promos, etc. just send it to us through this email.

Review: Island Flavors

This is a little bit of delayed post but nevertheless worth porting about. We found a new resto to try with Mr. Manlowe's suggestion based on his find from a neighbnorhood newsletter. The place is called Island Flavors (and Tings?).

It all started with a rainy evening and it was going to be a late dinner. To make a long story short, we got there just in time before they closed the kitchen which is 8pm. We were the only ones there but they gladly took us in anyway.

What it turned out to be was a very sumptuous and very authentic (from what we know) Carribean/Jamaican cuisine. Everything they served out table was just beautifully presented on funky tropical plates. We had jerk pork, jerk chicken, ox tail and brown-stewed chicken. All very tasty! (We had to have a bite of each other's plates :)) And since they didn't serve alcohol, they allowed us to BYOB and got us some Red Stripe to just complete the Jamaican meal!

Anyway, it's a place you should try out and see for yourself. It's definitely something to keep on going back to. By the way, service is just superb.

1411 49th Street South
Gulfport, Florida 33707
www.islandflavorsandtings.com

Garage Sale Success

Congratulations to the neighbors who participated and sold their stuff in Roser Park's first annual garage sale that turned out to be a success. Thank you to all the buyers who came in from all over (as early as 7AM!) and hopefully got their money's worth! Here's looking forward to the next garage sale...it may not have to be an annual thing...we'll see. :)

UPDATE: Garage Sale

Here are the deets for this Saturday's first ever RP Annual Garage Sale.

714 Roser Park Drive S
behind Bayfront Medical Center
August 25, Saturday @ 7AM to Noon

If interested to join, email Philippe.

Below are a couple of items that will be sold at the garage sale. Other items include a washer/dryer, kayak carriers, etc.:


Please send this announcement/post to all your friends and neighbors who might be interested to do some garage sale shopping this weekend.

See you there!

Celebrity Sighting at Jannus

Inspired by the Anne Hathaway photo op, Wayne and Stacia share their own celeb sighting with cool pics. Read below:



The Prada post reminded me of the "Lost 80's" concert Stacia and I went to back on Sat July 28 @ Jannus Landing. On the bill were: A Flock of Seagulls, When In Rome, Gene Loves Jezebel, and Dramarama. The show was horribly under-promoted and the venue was consequently filled to less than half capacity. On the upside, the intimate atmosphere encouraged the rock stars to come down after the show and hang with the fans. We met Michael Floreal of When In Rome (an absolutely great guy), John Easdale of Dramarama, and Michael Aston of Gene Loves Jezebel (Stacia's absolute fav). We managed to snag quite a few autographs, including Michael Score's of AFOS, but we were mostly just enamored of rubbing elbows with our 80's idols. Here's Stacia recounting her international flight attendant days for an intrigued Michael Aston, thanking him for providing the soundtrack.

...a little bit of heartache never hurt anyone. Cheers, Wayne & Stacia

So make sure you bring your digital camera or camera phone or even your video cam when your out and about cause who knows who you'll bump into...Be your own paparazzi!!!

Garage Sale on August 25

Look into the depths of your closets and cabinets and unearth your invaluable treasures and you might just get lucky and get a few bucks out of them!

Just bring whatever you want to get rid of (hopefully, not just trash) to the vacant lot (to be announced) on August 25 between 7AM and 12noon. Philippe P. and Michele C. are the organizers of the event. Send your queries to pmpiquet71@aol.com should you have any.

The Devil Wears American Apparel

.
A shopping visit to American Apparel in NY a couple of weeks ago got Dexter this close to celebrity status, a photo op with Anne Hathaway. Who would've thought she'd even venture there with the commoners. She was very sweet as she was gorgeous in person without make up (we're like coffee and cream beside each other.) Anywho, a new claim to fame. Sorry for the quality of pic...it was just a camera phone. :)

It's a GIRL

Newsflash, Emily and Jerrod are having a girl.

Annual Historic Roser Park Art Festival

.
The 2007 Historic Roser Park Art Festival is scheduled for Saturday & Sunday, November 10th & 11th from 10AM - 5PM along the banks of scenic, Booker Creek in the heart of Downtown Saint Petersburg.

Click here to see some photos from last year's event.

Proceeds benefit a local charity and to preserve one of St. Petersburg's oldest historic neighborhoods. Sponsorships start at $250.

Click here to download sponsorship information.

Twigs & Leaves Shows the City how it's Done

A great opportunity to set an example for neighborhoods around the country and show support for a local business owned by our neighbors.


Dear Historic Roser Park Neighbors,

Beginning August 02, Twigs & Leaves will make Historic Roser Park a greener part of Saint Petersburg. Twigs & Leaves is now offering curbside recycling in Historic Roser Park.

Weekly pick up will include clean glass (brown, clear, and green), plastic containers, aluminum cans, broken down cardboard and bundled newspaper for a donation of $20/month. Right at your doorstep!

You may use your own containers or we will provide you with them for a fully refundable $20 deposit.

Start your service today by replying to the email mlmanlowe@hotmail.com with your name, home address and phone number or contact Michael directly at 727 - 822- 5400. Let's make St. Petersburg and Historic Roser Park a greener Place!

Sincerely, The Team at Twigs & Leaves