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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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  • Luxury Homes in Tampa Bay
Luxury, tile roof townhome in GATED boutique neighborhood of TERRACINA in the Westchase area. Practically brand-new, built by Taylor Morrison, this townhome features 3 Bedrooms, 2 Baths, Loft in 2,333 square feet and a 2-Car Garage. You’ll notice the detail as soon as you drive up to the unit – brick paved 2-Car driveway and Craftsman details like shutters & garage door style. Inside, you’ll love the versatility of the space. There’s a wide Foyer as you enter from the front or garage, and you’ll love the LARGE Laundry Room with storage + utility sink & Half Bath for your guests. The Great Room features the GOURMET Kitchen, Dinette & Family Room with SOARING ceilings and lots of windows which allow natural light to splash the room. The Kitchen offers 42” Expresso WOOD cabinetry with crown molding with brush nickel handles, OVER-SIZED counter-height Breakfast Bar, GRANITE counter-top and TRENDY Gray glass mosaic subway tile backsplash + STAINLESS appliances. Lovely 16x16 floor tile set on a subway pattern, crown molding and light tone colors create a light & airy modern feel in this lovely space. A downstairs Master Bedroom Suite is SPACIOUS with tray ceiling with recessed lighting & fan pre-wire, crown molding, En-Suite Bath + Walk-In Closet. Master Bath offers a MASSIVE Shower Stall with frameless enclosure, neutral large wall tile with glass mosaic listello, dual vanities, GRANITE counter tops, WOOD cabinetry & chrome lighting/plumbing fixtures. Bath also features a linen closet & private water closet.  The attractive staircase with spindle detail, hardwood steps and white risers leads you to 2 Secondary Bedrooms, a Full Bath and a HUMONGOUS Loft space with a storage closet open to the downstairs Great Room. Covered, private REAR Patio. Just some of the other upgraded features include: leaded glass door with sidelights, extensive recessed lighting, storage closet under the stairs, in-floor outlets in Loft, crown molding and wood accents on the stairs & railings. Central location in the Northwest, with easy access to the Veteran’s Expressway, Citrus Park Mall, Costco and all other local amenities. This townhome is a must see! $380,000 Active

8715 TERRACINA LAKE DRIVE TAMPA, Florida

3 Beds 3 Baths 2,333 SqFt 0.060 Acres

Come see this beautifully remodeled, move-in ready, 3 bed | 2 bath home in the City of Tampa, that is conveniently located near major highways, schools, shops, hospitals and more! Upon arraival the stylish front porch welcomes you into the spacious and open living room with gorgeous tile floors that extend throughout the house for easy maintenance. The kitchen is equipped with brand new stainless steel appliances and has ample wood cabinetry and counter space. The floor plan is completed with two fully redone bathrooms and three large bedrooms with great size closets and plenty of natural light. The laundry is conveniently located outside, off the kitchen in the carport. The backyard is very roomy and features a storage shed and covered outdoor grill. New roof October-2020. Truly a MUST SEE! Call for your private tour! $213,000 Active

2612 E GENESEE STREET TAMPA, Florida

3 Beds 2 Baths 1,175 SqFt 0.110 Acres

Ultra-Luxurious Townhome on Private Conservation Lot in GATED Hampton Chase -MOVE IN READY! Popular floor plan features 3BR/2.5BA/1 CAR GARAGE - 1,912 SqFt. "A" RATED SCHOOLS! OPEN FLOOR PLAN. Spacious, Bright, UPDATED KITCHEN with Granite Counters, Stainless Steel Appliances, Premium Wood Cabinets, Breakfast Bar that opens up to the living and dining room, breakfast nook with tons of natural light. Closet pantry PLUS a 10’ long walk in pantry. Impressive Living Room/Dining Room combo featuring built-in entertainment shelving and premium wall mount pre-wired for your flat screen. Large Slider opens to Gorgeous views of the Covered PATIO and Wooded backyard. Gather around the CUSTOM gas burning Fire-Pit with pavers, PERFECT FOR OUTDOOR ENTERTAINING. Outdoor space is great for a BBQ and Relaxing. Upstairs, you will find 3 large bedrooms, 2 full bathrooms, and  the laundry center plus TONS OF CLOSET STORAGE! The spacious master bedroom has tranquil views, A GIGANTIC WALK IN CLOSET plus a PRIVATE AND SECLUDED SCREENED BALCONY!! MASTER BATH features A WALK-IN SHOWER, an OVERSIZED SOAKING  GARDEN TUB, updated Vanity with DOUBLE sinks. The two additional upstairs bedrooms share an UPDATED full bathroom with double sinks, granite counters, a new vanity and combo tub/shower. Second bedroom includes walk-in closet and third bedroom has 2 closets. Both have ceilings fans and premium TV wall mounts with wiring. The laundry closet is conveniently located in the upstairs hallway feature PREMIUM newer front loading washer and dryer plus storage cabinets. SMART enabled switches and lighting with timers to save on your electric bill and a 24/7 Security system with 7 cameras and 2TB storage. Crown molding throughout the home is just one of many premium upgrades. BRAND NEW WATER SOFTENER, ROOF 2019.  COMMUNITY POOL AND PLAYGROUND. Pet-friendly, MAINTENANCE FREE town-home community has low HOA fees that covers; roof replacement and repairs; outside paint and pressure washing; lawn service; basic cable w/2 boxes; water, sewer and trash plus community pool and playground!  near great golf courses including The Eagles, restaurants, shopping and convenient to downtown and Tampa International Airport. A Rated School District includes Sickles High. Private gate links community with Bryant Elementary and Farnell Middle. A great place to call home! $289,000 Active

12419 CHASE GROVE DRIVE TAMPA, Florida

3 Beds 3 Baths 1,912 SqFt 0.050 Acres

No HOA or CDD required this beautiful 4 bed, 2 bath home is located within minutes of restaurants and Shoppings. Property has been completely renovated offering porcelain tile thought the house, new AC installed in 2020, outdoor kitchen, above ground pool are some of the many good fixture this house has to offer, schedule an appointment today before this amazing home is gone. $294,900 Active

806 PATBUR AVENUE TAMPA, Florida

4 Beds 2 Baths 1,468 SqFt 0.180 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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