Does it feel as if you are searching for a needle in a haystack when you try to find pieces of valuable information that could help in your mortgage decision? Don’t fret as you have come to the right place. As a mortgage broker with decades of combined industry experience, HomePlus gives, in this post, some tips for you to increase your chances of finding the best mortgage rates in Tampa Bay, FL.
Consider the following:
- Start with assessing your credit report – the first thing lenders usually do when processing your application is to check your creditworthiness. So, better check your credit report before that. When needed, improve your credit score before sitting down with your prospective lenders. You have to make sure that you can prove you are worth granting a loan to a lender. It does not only increase the chances of getting your loan approved but to get the best possible mortgage rates in Tampa Bay, FL.
- Figure out what you can afford – be realistic with your mortgage goal. While homeownership may be the American dream, the fact remains that your financial capacity will be a primary factor for the home loan amount and to ensure that your loan does not affect (or even ruin) your financial situation in time. The higher the down payment, the shorter the term. The better the mortgage rate, the more improved is your financial situation.
- Determine your debt-to-income ratio – your DTI ratio should be 36% or less (although some lenders will go up to 43% – with some additional positive determinants). Note that lenders have not only raised their standards for credit scores but also for debt-to-income ratios. So, work on this before your application.
Preparation is key to getting better results – that is 100% true when finding the best mortgage rates. In other words, before you even sit down with your lender, you have to make sure you’ve got all things needed for evaluation.
Online looking for a reputable mortgage company to help you find the best mortgage rates in Tampa Bay, FL? Talk to a mortgage expert at HomePlus Mortgage today.