Securing a Home Loan
Tampa Mortgage Loan Application Protocol
With years of experience as a licensed mortgage broker, Rick Durand has helped families across the state of Florida obtain home financing. In doing so, he felt the need to develop a simple and safe Tampa mortgage application system. This is why he has developed a website to help clients with their Tampa real estate needs, as well as Tampa mortgage requirements. Apply now utilizing our safe and secure online application to receive a pre-approval within a 24 hour time frame.
General Tampa Mortgage Acquisition Process
Once the decision to acquire a Tampa home has been established, a person seeking to finance a home must first determine what their financial qualifications may be. A lender may determine what an individuals loan amount limits are based on several factors such as: credit score and late payment history, employment history and income, assets, monthly liabilities, etc. While lending options criteria may have changed over the last few years, it is generally known that borrowers with A+ credit will receive A+ rates.
The initial step may be satisfied by completing our Tampa home loan application.
Once the loan application has been completed and submitted by a borrower, a pre-approval or pre-qualification letter is furnished to the applicant(s) within 24 hours. It is important to understand that a pre-approval or pre-qualification letter does NOT guarantee the borrower a loan. A pre-approval letter simply means that an applicant has met the credit requirements and income guidelines for a specific loan program, therefore the applicant may qualify for a specified loan amount based on the information submitted in the application.
The pre-approval or pre-qualification letter is what most Tampa real estate salespeople and/or brokers utilize when submitting a purchase offer on behalf of their client.
Typically, the next step in the home lending process would involve obtaining copies of documents such as: an executed purchase contract, last two years of financial documents and other pertinent documents (W2’s, tax returns, proof of down payment, bank statements, paystubs, etc.), property appraisal, homeowner’s insurance and other requirements. This particular step is where a borrower is generally qualified by the lender. Shortly after all required documents have been produced, a lender will issue a list of funding conditions that must be satisfied in order for the borrower to receive the requested funds.
In Florida, most counties allow the seller to choose his or her title agent on the sale of their property. This means that the applicant’s lender may be in constant communication with the seller’s title agency or escrow company, throughout the processing of the requested Tampa mortgage. Once the applicant has satisfied all of the conditions issued by the lender, the title agent or escrow company will receive funds and the transaction may be completed.
Contact us at (813) 695-3077 with any questions you may have or simply schedule a FREE consultation to learn more about the Tampa mortgage process, low interest rates, FHA loans, USDA loans or any other loan program.
Rick Durand, Lic. Mortgage Broker
Blue Sky Home Solutions
907 North Parsons Ave, Brandon FL 33510
Direct: (813) 695-3077
Fax: (813) 265-1311
This is not an offer to make a loan or to make a loan on any particular financing terms. All home loan applicants must submit a written application and all necessary documentation. All information submitted by home loan applicants is subject to verification. All home loan applicants must qualify under certain underwriting requirements and satisfy all contingencies of home loan approval. Home loan approval may be subject to satisfactory property appraisal, title review and no change in financial condition. Some home loan programs may not be available in all jurisdictions.
