Getting the best Financing
Buying a property not only means finding the right property but finding the best financing plan to go with it. We’ve researched and worked with many mortgage brokers and lenders in the Tampa, and we’ll help you get in touch with those that are the best fit for your financial picture.
The Typical Mortgage for Working Families – Most mortgage brokers and lenders tend to work within their own requirements and procedures, and these may or may not be the friendliest terms for a salaried or hourly wage earner. As a buyer, you'll want a mortgage broker that's fair and will offer the best terms. Our agents will guide you to the appropriate broker for your financial situation.
The Self–Employed Borrower – Since the mortgage and housing crisis that began in 2007, it’s become a grueling process for a business owner or self–employed individual to receive a mortgage. Documentation of income and expenses is much more detailed, but we consistently remain up–to–date on all of it. We’ll steer you toward multiple sources for great mortgages for the self–employed.
Poor Credit – Many lenders have grown tougher in today's financial environment, and it’s easy to get a ding or two on your credit these days. It doesn’t even take a mistake or late payment, as credit scores are reduced for the amount and ratio of debt, as well as types of debt. Millions of people pay their bills on time and still don’t have those high end credit scores. Thankfully, there are lenders in the Tampa Bay real estate market who are ready to provide good mortgages for less than high end credit scores.
ARMs and When They're Appropriate – Although most residential home buyers are buying a home they intend to occupy for a number of years, (on average, at least eight years), this isn't always the case. Investors may be looking at a shorter ownership time frame. ARMs, Adjustable Rate Mortgages, are appropriate if the plan is to own a home seven or fewer years, particularly five or fewer. Because the lender is tying up their money for a shorter defined time period, they loan at lower interest rates. ARMs can result in hundreds of dollars a month in lower payments in some cases. They can also allow a buyer to qualify for a larger home. However, this isn't generally a great practice, as once the ARMs fixed rate interest period is over, rates can escalate more than expected.
Financial Disclosure and Deal-To-Closing Considerations – Due to the mortgage and housing problems that began in 2007, lenders and their underwriters are scrutinizing financial, income and expense information much more closely than before. It’s best to be forthcoming with any financial information that impacts your ability to pay the mortgage payment. Even if it’s not asked for early in the process, be prepared for questions and requests for documents throughout the process. Also, it’s highly recommended that you not add any credit card or other debt between the purchase contract and the closing. Just before closing, most lenders will do another credit check and a check for any liens or encumbrances.
Watch the Fees and Question Them – There are a number of fees associated with getting a mortgage, and the total of origination and other fees is usually the highest closing cost aggregate item in the deal. Never hesitate to ask about all fees: why they’re charged, why they’re a certain amount and how they’re calculated. It’s your money, and you’re the customer.