If you’re buying a home for sale in Tampa Bay, you’ll probably need a mortgage for it, like most people do. However, you have plenty of options when it comes to mortgages, so let’s talk about the most popular: the 30-year, fixed-rate mortgage.
What is a 30-Year, Fixed-Rate Mortgage?
A 30-year, fixed-rate mortgage is a loan that lasts for a term of 30 years with an interest rate that never changes. This type of loan lets you make payments for the next 30 years, and your payments will never change.
Benefits to a 30-Year, Fixed-Rate Mortgage
- You always know how much your payments will be so you can budget accordingly
- You don’t have to worry about your interest rate changing (i.e., going up)
- The loan terms are pretty straightforward and simple to understand
What You Need for a 30-Year, Fixed-Rate Mortgage
You’ll need to provide your lender with a lot of documentation to prove you can repay a mortgage loan. The lender will ask you for:
- W-2 statements
- Prior years’ tax returns
- Asset information, like bank statements, 401k statements and other records
- Debt information
Your lender will also check your credit to evaluate how well you’ve done at repaying your obligations in the past.
Are You Looking for Homes for Sale in Tampa’s Suburbs?
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Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.