Guide to Refinance, Mortgage,
& Home Equity Loans in
Greater Carrollwood, Florida (FL)

You have found your new home in Greater Carrollwood, Florida. Now what do you do?

Loan Officers

You will benefit from finding a loan officer who you feel comfortable with and who you can trust. Your loan officer will assist you through the entire loan process from beginning to end. You will need to provide a lot of personal and financial information along with filling out a loan application to start the loan process. Your loan officer will be able to answer questions along the way.

Types of Mortgages

Two common mortgage types are fixed rate and adjustable rate.

A fixed rate mortgage has a set interest rate for the duration of the loan because. This allows you to have the same mortgage payment every month. This type of loan will work best for those who need stay within a budget.

An adjustable rate mortgage has an interest rate that changes at specific intervals, usually 1, 3, or 5 years. Depending on the interest rate at those times, your monthly payment could increase or decrease. You benefit from this type of mortgage because it usually has a lower interest rate at the beginning.

Your loan officer will be able to advise you on these and other mortgage types on the market. Together you will find one that will work for you and your family.

Documentation Needed to Apply for a Loan

It will be necessary for you to provide personal and financial information and fill out a loan application. This information will include your employment history (Verification of Employment form sent to your employer), bank statements (Verification of Deposits sent to your banks), tax records, current housing expenses, and other assets you may have. Your loan officer will use this information to determine the amount you will be allowed to borrow.

Questions to Ask Your Loan Officer

Many questions will arise, especially if you are a first time buyer. Finding a loan officer who will be available to answer these questions is important. Questions you might ask include:

● What will my down payment amount be?

● How much will the closing costs be?

● Are there other terms and conditions I need to be aware of?

● Do I need to obtain insurance for my new home?

● Who needs to be at closing?

● What do I need to bring to closing?

Do not hesitate to get the answers to these questions and any others that might come up.

Existing Homeowner’s Options

If you already own a home in Greater Carrollwood, Florida, your options include obtaining a refinance loan or a home equity loan. Both of these types of loans allow you to have money to help pay off bills, remodel or repair your home, purchase a new car, or anything else you may need the money for.

A refinance loan gives you with a new loan that has a lower interest rate, which, in turn, lowers your monthly mortgage payment. You can also change the duration of the loan. If you have refinanced in the past, obtaining a refinance loan is still an option. Since you are actually getting a new loan, you will go through the same process of filling out the loan application, submitting the necessary documentation, and going to closing.

Using the equity you have earned in your home to obtain a home equity loan is another option for existing homeowners in Greater Carrollwood, Florida. This loan can be either in the form of a lump sum or a line of credit. Either way, you will pay interest only on the amount you borrow. Home equity loans usually have 15 or 30 year durations.

Contact our office today for assistance with your financial lending needs. Whether you are in need of a new mortgage, a refinance loan, or a home equity loan, one of our loan officers will be glad to help you.


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