The Home Buying Process
Home Buying Advice
There's more to buying a house than home loans and lenders. Sure, the financing is a big part of it. But there's also the house hunting process, the offer, the negotiations, the inspections, and the closing process. You'll find plenty of information about these topics on our website. In fact, www.BaytoBayLending.com is one of the largest libraries of advice for Tampa home buyers.
If this is your first time buying a house, you might want to check out the top ten steps to buying a home as well as this list of FAQs. The responses are organized by topic, which makes it easy to find the information you need.
How to Shop for a Home Loan
Before you apply for a home loan, you need to establish a monthly budget for yourself. How much can you afford to pay each month toward a mortgage payment? If you're not sure, then you've got homework to do. We recommend that follow the advice in this article to establish a home buying budget for yourself -- before you start talking to lenders.
You also need to understand that the best interest rates on home loans are reserved for well-qualified borrowers. These are people with great credit, stable income, and low debt ratios. To get the best rates, you will probably need a credit score in the mid- to upper-700 range (or higher). We used the word "probably" because it varies from one lender to the next. You'll also need a favorable debt-to-income ratio, as well. If you're carrying too much debt relative to your monthly income, you may not qualify for the lowest home loan rates available.
Ask Us a Question
Do you have a question about the home buying process? Want to know how to choose the best type of home loan for your situation? Ask us! We’re here to help...
The Home Buying Process:
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Taxes, CDD, HOA and Homestead:
