Tampa homebuyers...ever just think "Ug...the process is too much!" Many home buyers, in Tampa and throughout Florida, like to have a plan when going through the process of qualifying for a mortgage and buying a home. There is so much information available on mortgages, but sometimes it is just too much for a consumer to sort out on their own. When my customer is a first time home buyer, I can anticipate they like to know what to expect from the home buying process.
I will never forget one experience I had with a gentleman that was referred to me by a past client. He was 36 and had lived with his parents his whole life. He made good income at his job and was sure he was finally ready to buy a home. After the closing he said, "Leah, if I would have known buying a house and getting a mortgage was going to be this simple, I would have done it a long time ago. I was just nervous and didn't understand the whole process". Hence, my roadmap for the homebuying process.
Here Are the Simple Steps for Getting a Loan and Buying a Home in Tampa:
1. Call your local mortgage expert to discuss your options
2. Sit down with your mortgage consultant and discuss your current financial situation
3. Obtain a mortgage credit report with your lender and review the information provided for accuracy. In some cases, you may need to put in a little bit of work on this step, but the result will be a better loan program.
4. Determine what price range for homes is for you. Make sure you have established a "comfort payment" with your lender and you stick to your budget.
5. Review your available cash to close
6. Review down payment assistance and closing cost options
7. Obtain loan approval from your lender
8. Begin your home search
9. You make an offer on a home and it is accepted
10. Appraisal and inspections are completed
11. Your loan documents are prepared and sent to the title company
12. You sign your documents
13. You receive your keys and move in
14. You rave to all your friends, family and co-workers about how easy your Tampa home loan professional made the whole process
With a good plan, anything is possible. If you are ready to start your home buying plan, contact your Tampa Mortgage Expert, Leah Ross.
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To read more articles on the mortgage process, please click to visit my Tampa Mortgage Blog.
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Dedicated and skilled personal mortgage consultant working with a direct lender located in sunny Tampa, Florida. Expertise from luxury homes to first time home buyers.
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Commentary welcomed here on the process of buying a home:
Leah: Outlined like you did, it does not seem like an overwhelming process. As real estate agents, it's part of our job to educate our clients and assist them throughout the process.
Leah, this is a great list. I can tell you are the Tampa Mortgage Expert! The title process believe it or not is a question I get a lot from buyers.
Leah - You should print this out for your customers and give it to them at your consultation. That way they can mark off their progress thru thr loan process.
Leah.... you make it sound so easy. ;o) And I agree with Shaun.... in any case, what gets me is a client that goes through half of the middle part ... signing contracts... and still doesn't know there rate and or payment. I have a gentleman right now, who I picked up because another lender stubbed their toe on this. And as I asked him questions about what the other lender promised, this client never knew his rate nor his payment. And we were 2 weeks away from settlement. Talk about sticker price shock after I told him..... What I don't get is why didn't he ever ask?
Again...good post and reminder of how easy this process should be and can be.
Rhonda ~ You are so right. I hear so many horror stories of customers feeling "lost" during the process because they don't understand what is happening. I tell many customers what I am doing behind the scenes so they know I am constantly serving them. Thanks for the comment!
Stephanie ~ Great point on the title process. That can be confusing for many buyers and sellers. Title input welcome!
Shaun ~ Great minds think a like, I do provide this information to my first time buyers and at my first time buyer seminars. Feel free to use it too!
JB ~ Oh my goodness...that is an aweful situation for that customer. Good thing he is in good hands now!
Leah--Sounds like a great plan...No need to ask directions if you have a great loan officer and realtor at your side being your GPS system. :)
Leah, great list for reducing anxiety! I bet your Tampa clients feel much better when you pass this information on!
well, thank you. But yes, this is terrible. You can fault the consumer for not asking. But what's worse is the loan officer not even giving this information. Talk about hiding information. Very sad....
That's a great list. In most cases it is an easier process than most people realize. We need to keep the public educated. Good post!
Great post Leah, we need to continue to give the public a great experience and 'reset' the industry standards.
Leah, This is wonderful information. It would be great to give this to the realtors who work with you so they can give it to your client at the opening of escrow or you can mail it to the client when escrow opens so the client knows what to expect.
Leah, As always you really gave some great advice. Number 14.. of course is really the most important.. Ok the whole thing as well.:-)
Leah - that's what I love about working with you - you can make an important and often complete process like mortggges understandable and reassuring.
I've worked with so many mortgage professionals in the Clearwater | St Petersburg area that talked a good game (even write well) but could never make the loans happen. Talk's cheap - results and great experiences matter - thanks for knowing your stuff & executing it beautifully everyday. No wonder your customers and mine rave about YOU!!!
Leah- Great post. I'm sure when you give your first time home buyers the road map for buying a home you sure reduce their anxiety.
Excellent guide! I know that the process can be daunting for someone who has never done it before, or someone who has been in a home for a long time and might not be up to date on the newer process. Your list makes it seem easy to follow and attainable- an asset to any homebuyer in Tampa!
What can I say - another excellent post for Tampa Bay's mortgage expert - especially for first time home buyers - great guide!
Leah, this was a great post, and you did a great job "mapping" out all the steps! It really is an easy process when giving all the information!
this is a great step by step.... I often times take my buyer to the lender - and we sit down and take care of the first several steps... nice list
Leah,
What a great idea, a road map, I like the concept, especially when it comes to helping people in our business..
Good Job,
Tom Weiss
Teri ~ Great anology! I love the "mortgage GPS"!
Chris ~ Thanks for the comment! I am happy to be a mortgage soother
Jeff ~ So true, great comment!
Michael ~ Thanks for the comment.
Katrina ~ Great point. We should be setting the standards for our industry for other loan professionals to take advantage of!
Mana ~ Fantastic idea. I agree that the information should also be provided by the real estate side. Great idea!
Matt ~ Thanks for the comment. Glad you approve the entire list ;)
Cyndee ~ You are so great! Thank you for the nice words...fortunately great minds think alike! I love working with you just as much ;)
Rob ~ Thanks for the comment. I try to hold hands as much as possible during the process. It can be scary and it is nice to know customers have a friend in the business!
Christina ~ You are right...it can be a bit scary! All my first time buyers in Tampa feel more comfortable knowing what is going to happen during the process...I tell them, one step at a time and they know each step of the way...it makes for a much easier process on all ends!
Jack ~ Thanks so much for the comment! I am happy to provide a homebuyer guide for Tampa!
Kim ~ Thanks for the comment! It's good to have a map to follow...that way we all know where we are headed!
Thesa ~ Thanks for the comment. I agree that teamwork from all consultants involved makes for the easiest road to follow.
Tom ~ Happy to do it. As I have said...let's have a plan to follow. With a plan, anything is possible!