Three Steps to Getting a Mortgage in Florida
Source: Bay to Bay Lending
Dated: Jan. 03, 2013
Shopping for a mortgage is the first step toward owning a home. Bay to Bay Lending based in Tampa,
Florida has a team of Mortgage Brokers that are ready to work with you in matching you with the right
loan.
First, you must determine how your mortgage payment will fit your current budget and, to some extent,
your future obligations 15 to 30 years down the road. If you discover too late that you can't afford your
mortgage, you'll not only face the possibility of losing the roof over your head, but you could also damage
your ability to purchase a home in the future.
Step 1: Examine your finances
Start by determining how much mortgage you can afford. Lenders are apt to put your loan application in the
best light and qualify you for as much as they are willing to lend, which can be more than you can afford or
need. It's up to you to take stock of your income and expenses, current and projected, to determine what you
can comfortably manage each month. Along with your mortgage payment, don't forget related insurance,
taxes, homeowner association dues and any other costs rolled into the mortgage payment.
Step 2: Shopping for a loan
When you are ready to shop for a loan, you have two basic types of mortgage stores to shop -- direct
lenders and mortgage brokers. Direct lenders have money to lend. They make the final decision on your
application. Brokers are intermediaries who, like you, have many lenders from which to choose. Lenders
have a limited number of in-house loans available. Brokers can shop many lenders for each lender’s store of
loans. If you have special financing needs and can't find a lender to suit them, an experienced broker may
be able to ferret out the loan you need.
Step 3: Apply for a loan
The application process is the easy part -- provided you've gathered documents necessary to prove claims
you make on the application. The application will ask for information about your job tenure, employment
stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto
loans, installment loans, mortgages, credit card debt, household expenses and others). The lender will run
your credit report to look at your FICO scores, which are very important when it comes to rates and terms
you will be offered. You will also likely have to supply additional documentation, including paycheck
stubs, bank account statements, tax returns, investment earnings reports, rental agreements, and divorce
papers, proof of insurance, among other information.
Bay to Bay Lending in Tampa, FL is here to help you. Contact Laurie Toland via phone at (813) 642-7361
or reach out to me via email at laurie@baytobaylending.com.
Access our mortgage loan calculator here: http://www.baytobaylending.com/mortgageLoanCalc.html
Whether you are seeking to purchase a new home or refinancing (http://www.baytobaylending.com/home.html) your current Tampa Mortgage (http://www.baytobaylending.com/rentvsBuyCalc.html), let us show you the way. Bay to Bay Lending is associated with the nation's unsurpassed pricing leaders. The Bay to Bay Lending team of Tampa Mortgage Brokers (http://www.baytobaylending.com/staff/) will make the mortgage process as simple as possible. We pride ourselves on offering a premier level of customer support and we look forward to getting you the best financing available.
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