Few people can buy a home for cash. According to the National Association of REALTORS® (NAR), nearly nine out of 10 buyers of Tampa Bay homes finance their purchase, which means that nearly all buyers -- especially first-time purchasers -- require a loan. The real issue with real estate financing is not getting a loan (almost anyone willing to pay lofty interest rates can find a mortgage). Instead, the idea is to get the loan that's right for you -- the mortgage with the lowest cost and best terms.
Realtors routinely urge prospective buyers to get pre-approved for a loan before they even begin looking at Tampa Bay homes. They also stress the importance of obtaining a letter of pre-approval rather than of pre-qualification. Although many homebuyers use these two terms interchangeably, there are significant differences between the two. Simply stated, pre-qualification lets sellers know that a prospective buyer of their Tampa Bay home is likely to qualify for a loan, whereas pre-approval, although not an absolute guarantee, indicates that a loan officer has determined a borrower is credit-worthy and financially able to qualify for a certain loan.
- Mortgage preapproval is going to tell you exactly how much money you can borrow. This way, you will know how much your mortgage payment is going to be ahead of time.
- You won’t waste time (or be sorely disappointed) by looking at houses you can’t afford.
- Sellers and Realtors will take you seriously. They are much more comfortable with the certainty that you can obtain a loan (and that the deal won’t fall through), and thus may be more willing to negotiate.
- Once you find a home, the mortgage process can proceed more quickly because your lender will already have.
Although lender requirements for pre-approval may vary somewhat, be prepared to supply the following information:
- Purchase Agreement
- Social Security Number and Date of Birth
- W-2/1040 Forms
- Recent pay stubs
- Bank account statements
- Credit card statements
- Debts and liabilities
- Mortgage or rental histories
- Investment properties
- Asset statements
- Personal property
- Current and previous statements
Supplying all this information may seem like a time-consuming process, but in the end of your house-hunting journey, you’ll be glad you did it!
When buying or selling property in today's real estate market, it's important to have confidence in your Tampa FL real estate professional! In order to be the best, I have earned the CRS (Certified Residential Specialist) and ABR (Accredited Buyer's Representative) designations. I have also been awarded a National Award of Excellency by Realtor.com. This demonstrates my desire to stay on the cutting edge of the Tampa Bay real estate market. My commitment as your Tampa area REALTOR® is to provide you with the customized real estate service you need!
~I AM A SHORT SALE & FORECLOSURE SPECIALIST~
As an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime! That's why my goal is to KEEP YOU INFORMED on trends in the Tampa FL real estate market using the latest sales statistics in Tampa. With prices and interest rates at historic lows, now is the right time to buy real estate in the Tampa market!
Let me know what you need and I will email you a list of properties INCLUDING BANK-OWNED, SHORT SALE & HUD PROPERTIES that suits your location and fits your budget. Please call, 813,728-3880, or email me at any time.