This is an excellent article that was written for the Sunday – November 8,2008 edition of the St. Petersburg Times News Paper.
Ok, so no one can can guarantee a hassle free experience when it comes to mortgages especially in today’s climate. However, as a home buyer in the Tampa Real Estate Market, or just about anywhere for that matter one can definitely make life much easier on themselves and help to ensure a smooth home buying process by checking on a few details up front. Then when you and your buyers agent locate the home of your dreams the process will go much faster. If your new home research is here in Tampa, then the Future Home Team at Greater Tampa Bay Real Estate can also assist in ironing out any last minute details or issues you might have questions with.
So here’s a quick synopsis of the 10 Tips to help ensure Buyers are prepared.
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Check your credit score. Your score will impact the interest rate on your mortgage in a big way.
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Seek help if you’re new at this. First-time home buyers’ programs can help people who have credit problems or limited savings to find loans with better interest rates than they might otherwise find.
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Get pre-approved for your mortgage. A pre-approval letter from a mortgage lender is a requirement in a loan market like this.
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Don’t borrow more than you can afford.
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Search for the best possible rate and loan terms.
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Beware of toxic loans. Be careful with adjustable-rate mortgages, or ARMs, that will cause your mortgage payment to jump to a potentially un-affordable level in a few years.
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Remember those closing costs.
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Factor in other big expenses.
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Work with a buyer’s agent. *
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Don’t break the bank. Make sure you have money left in your savings account after you buy.
*The experienced Future Home Team at Greater Tampa Bay Real Estate can assist you with the 10 Step Process. As your Buyers Agent they will represent you from the start of your search, and ensure that you are 100% satisfied and happy in your new home.
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