Bain & Stoner Home Team
Pasco, Pinellas, Hillsborough, and Hernando County
Real Estate & Mortgage Experts
Prepare
FINANCING
HOW MUCH HOUSE CAN YOU AFFORD?
Knowing how much you can afford is critical before searching for homes. After all, it doesn’t do any good to begin touring properties that may be out of your price range OR out of your comfortability from a monthly payment standpoint.
WHICH TYPE OF LENDER?
From banks, credit unions, brokers, to direct lenders, you may be asking who is “best” to obtain a mortgage from? While all can certainly do the job, there are many factors that can affect the purchasing process, especially in a hot market like Tampa Bay.
Banks/Credit Unions: Large institutions with a variety of day to day business activities outside of mortgages. Common issues include having more stringent underwriting standards, lack of loan programs, non licensed mortgage loan originators (because they are salaried employees who operate under the institution), lack of communication, slower closings, and higher interest rates.
Broker: Act as middlemen between borrowers and numerous companies. Common issues include increased fees, rates, and likelihood of loan denial as the loan is being underwritten by a third party, not with the broker themselves.
DIRECT LENDER:
Works with you directly from beginning to end. Underwriting is done in house, pre-underwrites are available, and servicing often stays with the lender. They offer a wide variety of products including traditional and non traditional loans. You work with a local, reputation-based, licensed loan officer. Competitive rates, fees, and quick closings.
