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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.

 

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Come see the latest and great opportunity to own a little piece of Tampa! This quaint and charming 1926 home is nestled in an up and coming, centrally located neighborhood Tampa Heights and is convenient to I275, I4, downtown Tampa, Ybor City, Armature Works, Tampa Riverwalk and so much more. This home has 3 bedrooms, 1 bathroom, a lovely yard for summer activities. Neutral updates throughout this home are waiting for you to come in and make your own mark. Add this home to your portfolio or buy and live near all the activities in the Tampa Bay area. Don't miss out, come check this home out today! $325,000 Active

4906 N Highland Avenue Tampa, Florida

3 Beds 1 Baths 900 SqFt 0.110 Acres

Income producer duplex this is a must to see if you are looking for the right deal. There are two spacious  units each one with three bedrooms and one bath. Currently lease month to month with a monthly income producer of $2000 as tenants been in the units for years. If you do good CMA you can lease for more base on size and location. Property can be deliver vacant at closing time or buyer can present a new lease term to existing tenants if he likes to continue earning with out interrupcions.  Schedule your showing for this well located property. PLEASE DO NOT DISTURB TENANTS. $440,000 Active

4206 W Kentucky Avenue 1 Tampa, Florida

6 Beds 2 Baths 1,612 SqFt 0.200 Acres

VIEW, VIEW, VIEW, LOCATION, LOCATION, LOCATION... The rest is up to you! This unit has a million dollar view and conveniently located within a few miles of I-275, I-4 & the Crosstown. It is only 8mins from the airport & walking distance to Westshore Plaza with plenty of shopping and restaurants. The amenities are abundant & scream elegance. Including boat slips for rent, fish station, BBQ area, pool, 2 saunas, gym and MANY MORE! The unit is a 1/1.5 bath with its own washer/dryer in unit. Sliding glass doors give you a fabulous view from both the main living, kitchen & master bedroom! Two closets, with one being a walk-in gives you plenty of storage space. The master bath has plenty of space & opportunity to make it all your own!
Wall to wall mirrors through out the unit make this space feel spacious and reflect tons of natural light! With a large balcony that stretches the entire unit , you will never miss a sunset! Don't miss this opportunity to make this place your own, it wont last long! $449,900 Active

Tampa, Florida

1 Beds 2 Baths 989 SqFt

One or more photo(s) has been virtually staged. ***Incredible location with an excellent and large sized lot!!!***  Come see this charming and beautifully remodeled 3 bedroom + Bonus Room home with 1.5 baths. Enjoy entertaining guest in the beautiful kitchen that is sure to wow your family and friends.  There is also a huge covered carport and lots of space to entertain outside. This property has a large lot of 0.43 acres, great for bonfires and parking all of your toys.  RV's, Side by Sides, ATV's and even boats!  You will also find two storage shed ski the back with plenty of space for any equipment needed for your home and they also have power and lights in them. The Septic Tank was recently pumped so less to worry about for you and your family. Just 4 miles from Channelside and Tampa Bayside Harbor, Florida Aquarium, Water Street, Greenwise Publix, Amalie Arena (Tampa Bay Lightning Games and many concerts), Riverwalk, Straz Center, and museums, public library, Tampa General Hospital, USF Health, and much more! Easy access to major highways and Selmon Expressway. Everything you want and need is close by! Schedule your appointment today as this property will move quickly. $410,000 Active

753 S 51St Street Tampa, Florida

3 Beds 2 Baths 1,612 SqFt 0.430 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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