What Does ‘For Sale Under Contract’ Mean?

This could mean one of two things. It depends on the context. For Sale Under Contract Rarely, you will see a listing that says, "for sale under contract." So, what does that even mean?! A sale under contract sometimes means the owner is financing the deal. The current owner carries a contract with the buyer for the property. So, no mortgage is needed. The contract will state the interest rates and the terms. If you are interested in a property listed as "for sale under contract," you'll … Continue reading...

What is a Mortgage Broker?

If you’re buying a home for sale in Riverview, you’ll most likely need a mortgage loan to purchase – most people do. But where do you even start shopping for a lender? Where to Find a Lender For many people, working with a mortgage broker is the solution to finding a lender that offers the best terms and rates. What is a Mortgage Broker? A broker works for a borrower with several banks to find the best lenders for that borower’s needs. A broker isn’t the same as a loan officer; the broker … Continue reading...

Can You Buy a Home With No Credit?

Can You Buy a Home With No Credit?

If you’re thinking about buying a home but you don’t have any credit history, your options are limited. Here’s what you need to know. Can You Buy a Home With No Credit? Having no credit at all can be as difficult to overcome as having bad credit when you want to buy a home, so what can you do? Lenders look at your credit score when they’re determining whether to lend you money by way of a mortgage, so if you don’t have one, you probably need to start building credit. However, you should … Continue reading...

Need a Down Payment? Here’s What You Can Do

Down Payment Assistance

Whether you’re buying your first Tampa Bay home or your fifth, you’ll still need a down payment (unless you’re using a loan that doesn’t require one, such as a VA loan). That’s true if it’s a condo in Apollo Beach, a luxury home in Odessa, or a golf course home in Largo. The problem? A lender may require as much as 20 percent of the home’s total value as a down payment. There’s good news, though. As many as 87 percent of homes in America qualify for down payment assistance, according to … Continue reading...

How Lenders Evaluate Your Mortgage Application

What Lenders Consider in Mortgage Applications

If you’re buying a home in Tampa Bay, whether it’s going to be a condo in Apollo Beach, a luxury home in Odessa, or a golf course home in Largo, you need to know which factors lenders consider when they’re deciding whether to extend you credit. That way, you’ll be extremely prepared when it’s time to get your preapproval letter. What Lenders Consider in Mortgage Applications When a lender gives you money, their main question is this: “Can this person repay the loan according to the standard … Continue reading...

Should You Buy a Foreclosure in Tampa or the Suburbs?

Should you buy a foreclosure? Tampa Bay foreclosure listings

There are plenty of reasons people want to buy foreclosed homes in Tampa Bay. You can certainly find affordable foreclosures in the area… but should you really buy one? Pros of Buying a Foreclosure in Tampa In most cases, you’ll save a lot on a home’s purchase price when it’s in foreclosure. If you can pick one up at a price that’s lower than its market value, there’s a good chance that you’ll have immediate (or close to immediate) equity. Many lenders are willing to negotiate price, too, … Continue reading...

Getting a Mortgage: The First Steps

how does a mortgage work - tampa bay homes for sale

If you’re like most homebuyers, you’ll need to borrow money—by way of a mortgage loan—to buy a home. But if you’re like many people, you’re not exactly sure how a mortgage works. You’re not alone; it’s a little more complex than it sounds. What is a Mortgage? A mortgage is a loan provided by a lender to an individual, couple, or group to purchase a home. However, a mortgage is considered “less risky” than other types of loans, and that’s because there’s real property attached to it—and that … Continue reading...

How to Apply for a Mortgage

how to apply for a mortgage - tampa bay homes for sale

Many experts suggest getting prequalified for a mortgage before you even begin your home search; that’s so you can find out what you’re eligible to borrow and so you can set the appropriate budget for your new home. After you find a home that meets your needs, you’ll take steps to actually apply for a mortgage loan. How to Apply for a Mortgage You have the right to shop for the best mortgage interest rates, and that can mean talking to multiple lenders to ensure you’re getting the best … Continue reading...

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