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4 Tips for Finding the Right Mortgage Lender

4 Tips for Finding the Right Mortgage LenderEspecially when interest rates are low, you can go online and see dozens of ads for mortgages each day. If you’re in the market for a home loan, it’s tempting to click on the ad that shows the almost unbelievably lowest rate.

Of course, that’s what the lenders want you to do. They are using those low rates to generate leads for their loan business. But there’s more to picking the right lender than simply clicking on the lowest rate you see on a screen. Not all lenders or loans are created equal, and your individual circumstances might make one more suited to you.

So it’s worth shopping around. Here are four tips for finding the right mortgage lender.

Get several quotes

A low interest rate doesn’t always mean the lowest prices when it comes to lenders. Closing costs and fees can vary from lender to lender, so it’s essential to get quotes on total costs from a few different places.

When you’re shopping for a home loan, ask each potential lender to provide a loan estimate. It’s a document required by law, and shows you the fees that will be charged as well as your interest rate and monthly payment details. A loan estimate is the best way to accurately compare the true costs of mortgage products.

Decide on humanisation

These days, there are several mortgage lenders that provide almost the entire home loan process online. You can apply for a loan, provide all the necessary documentation via email or uploads, and sometimes even do a virtual closing of your deal via the internet.

To some, that will sound great. You don’t have to leave the comfort of your own home. You might feel as though the process is streamlined. Sometimes the electronic mortgage process is quicker.

But some people are more comfortable talking with human beings. If you feel as though you need guidance and advice as you navigate your home loan, maybe it’s better to meet with a loan officer or mortgage broker. It’s an individual decision to make regarding the level of personal attention you want from your lender.

Explain your situation upfront

Just as there can be differences among mortgages and mortgage lenders, not every borrower is the same, either. When you are getting loan estimates from banks, it’s critical to explain your particular circumstances.

Lenders will ask about whether the loan will be used to purchase a home or to refinance, but you should also let them know other specifics. If you’re a first-time buyer, or have less-than-stellar credit, or are looking for a low down-payment option, it’s important to get those things out in the open right away. Make sure your loan estimate is tailored to your specific situation.

Ask your real estate agent

You’re not obligated to use them, and you should still shop around on your own, but real estate agents can often provide lender referrals to buyers. Lenders can’t legally pay referral fees to them, so real estate agents don’t provide such referrals for any financial considerations.

Instead, agents are interested in smooth, fast closings. If they are referring homebuyers to particular lenders, mortgage brokers, or loan officers, it’s likely because they trust them. They believe they know what they’re doing. No agent wants a home purchase to fall through, so they’re likely to point you in a direction they know is reliable.

The bottom line

Not every mortgage or lender is the same, and neither is every borrower’s situation. Advertising low rates is how companies draw you in, but there’s more than just rates when it comes to finding the right lender for you.

 

Are You thinking of buying a Home in Tampa Bay?

Use our site to search homes for sale in Tampa Bay and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated EVERY HOUR. By creating a Property Manager account you can stay on top of the newest homes for sale and get Price Change alerts so you can stay ahead of other buyers and beat them to the BEST deals!

In the meantime, check out these 1 click searches:

  • Tampa Bay Homes for Sale
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  • Tampa Real Estate Waterfront
  • Houses for sale in Tampa Florida with Pool
  • Luxury Homes in Tampa Bay
This completely RENOVATED designer home home boasts 4 bedrooms/2 baths with a huge great room that is perfect for entertaining family and friends. NEW Interior and Exterior Paint 2021, NEW Flooring throughout 2021, Master bedroom boasts NEW luxury vinyl planks with large walk in closet and ensuite bathroom. NEW Appliances (fridge dishwasher range microwave) NEW A/C 2021, NEW ROOF 2021! The chef in your family will delight in the kitchen with solid wood, soft close cabinets, solid surface counters with open flow into the dining area. NEW Master bathroom, NEW landscape with updated sprinkler system, Epoxy garage floors, EVERYTHING has been done, move right in! Conveniently located to shopping, restaurants, movie theaters, entertainment, Citrus Park Mall, Tampa Bay Trail and the Veterans Suncoast Expressway (589) and Tampa International Airport. $400,000 Active

15408 MONTILLA LOOP TAMPA, Florida

4 Beds 2 Baths 2,037 SqFt 0.210 Acres

This beautiful 3 bedroom, 2 bath home is located in the lovely gated community of Sterling Manor in Tampa Palms. It is move in ready and close to everything the New Tampa and Tampa Palms area has to offer. Minutes away from I75, Wiregrass and outlet Malls, USF, Target, New Tampa dining and more means you can spend less time commuting and more time enjoying your new home. Take the stress out of home ownership lawn care: the gorgeous manicured front lawn maintenance is included in your monthly fee. Another added bonus: benefit from all the playgrounds and parks located in Tampa Palms. The current homeowner has kept this home in immaculate condition. Purchase this home with the peace of mind knowing there is a NEW HVAC system (2020), a NEW garage door opener (2021), all NEW stainless steel appliances (2020), NEW carpet in the upstairs bedrooms and recently remodeled master bath counter top, sinks and backs splash. The open and inviting kitchen has plenty of counter space and a large pantry.  A formal dining room, living room, dinette area and family room give you ample flex space to make this home meet your needs. You can entertain and relax indoors or outdoors year round with a private screened in lanai and sliding doors to the family room.  And don't forget cozy evenings in the living or family room by the fireplace. The master bedroom is very spacious with a double door entry, 2 closets and an oversized full en suite bath with garden tub, shower and double vanity. Come see this home quickly before it is gone! Room sizes are estimates and should be verified by buyer. Check with HOA for new owner approval (if any), pet and rental restrictions. $324,999 Active

16017 WESTERHAM DRIVE TAMPA, Florida

3 Beds 3 Baths 1,899 SqFt 0.100 Acres

Located in the heart of South Tampa! This elegant, custom built, two story is located just blocks from Bayshore Boulevard in the coveted neighborhood of Bayshore Beautiful! On a picturesque street, exceptional design details invite you as soon as you arrive a Chicago reclaimed brick driveway, oversized front door with flickering gas fueled lanterns accent the Mediterranean design and compliment exquisite architectural features. Upon entering the entryway, you’ll notice high ceilings, recessed lighting and elegant hanging light fixtures lend to the ambience of the home. Immediately to your right is a large den featuring large double doors, the multi-purpose space is the perfect choice for a playroom, office, or guestroom. As you enter the enormous family room, you’ll notice the open floorplan is cleverly designed to accommodate an open living/entertainment space or can be sectioned to create two living areas and allow for a cozy tv area and includes an exquisitely designed half bathroom. The impressively large gourmet Chef's kitchen, complete with high-end stainless steel appliances including gas range, granite counters, oversized island for counter seating, 42" solid wood cabinets, walk-in pantry with custom built in’s and additional refrigerator, is perfect for large or intimate gatherings. The laundry room offers additional storage and a utility sink. Enjoy the combination kitchen and abundantly large family room with designated eat in space, and access to a stunning additional Florida room complete with built in mini-fridge, grill and cooktop burners. The Florida room features accordion hurricane doors that open entirely to allow access to the screened in lanai with travertine tile and a granite top bar height island. Newly added Astroturf lines the additional yard space and a custom vertical slate fenced completely surrounds the yard creating privacy and tranquility. As you ascend the stairs with elegant wrought iron railing, the second floor opens up to 4 bedrooms including the oversized primary bedroom suite, 3 guest bedrooms and an adorable nook that can be used as an additional study space. The primary bedroom showcases hardwood flooring, oversized en suite bathroom with clawfoot soaking tub (complete with elegant chandelier) and separate glass shower, stunning marble counters and tile, dual sinks and built-in vanity, professionally designed walk-in custom closet with built in shelving and marble counter space. The guest rooms are conveniently located across from the magnificent primary suite, one of which boasts its own en suite bathroom and Juliet balcony and the two remaining guest rooms are in close proximity to an additional guest bathroom. This luxe Mediterranean home has been meticulously maintained and updated with top of the line upgrades, designed with careful consideration it includes a tankless water heater, gas appliances, 2 HVACS, water softener system, hurricane windows and doors, and only top of the line finishes. Just blocks from Bayshore, you'll enjoy making memories in this stunning South Tampa custom home! Call today for your private showing! Deep Freezer, speakers, tv mounts and outdoor cameras do not convey. $910,000 Active

3122 W OAKELLAR AVENUE TAMPA, Florida

4 Beds 4 Baths 2,862 SqFt 0.100 Acres

Pre-Construction. To be built. Pre-Construction. To be built. Pre-Construction. To be built. Pre-construction to be built! Photos are of a similar home for construction purposes. Infinity Homes of Florida (Tampa Bay) is building this beautiful One story home with an open floor plan. With a designer kitchen that boasts of wood cabinets, stone countertops , stainless steel appliances , walk -in pantry and 9'4 ceilings with recessed lighting throughout with a updated beautiful porcelain tile floor great for entertaining. What is everyone else's upgrade is your base options in these homes. The bedrooms offer spacious living with a walk-in closet in the master., close to entertainment , dining and shopping $279,500 Active

3508 N 34TH STREET TAMPA, Florida

3 Beds 2 Baths 1,407 SqFt 0.160 Acres

Posted in: Buyers, Financing, First Time Home Buyers, Home Buying Tips, Mortgage & Home Loans, Mortgages, Tampa Tagged: first-time home buyer, home loan, Mortgage, mortgage lender, Tampa bay home loans

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