I recently interviewed Mr. Stephen Speer, a senior mortgage adviser with Inlanta Mortgage. Mr. Speer has over 20 years of experience in providing mortgages with wide range of financial products and is located in Tampa, Florida.
Getting mortgage financing is not like buying gasoline anymore. It’s like getting life insurance….
There are 20 Variables that Determine Your Available Mortgage Rate:
Rate affected if any of these are required or altered:
- Origination Fee
- Required Escrow vs. Waiving Escrow
- Locked Period: 15, 30, 45, 60 days or longer
- Total Lender Fees: Appraisal, Credit, Flood Cert, Tax Service, Doc Prep, Processing, Underwriting, etc.
Rate affected by the outcome of all of these:
- Credit Score
- LTV / CLTV (Loan-to-Value Ratio)
- DTI (Debt-to-Income Ratio)
- Number of Months of Reserves
- Loan Amount (Conforming vs. Non-Conforming)
- Loan Type (FNMA/FHLMC, FHA, VA)
- Loan Product (Arm, Fixed)
- Loan Term (40, 30, 25, 20, 15, 10, 7, 5, 3, 1 year(s))
- Principal & Interest vs. Interest Only
- Loan Purpose (Purchase, R/T Refi, or Cash-Out Refi)
- Occupancy (Primary Residence, Second Home or Investment Property
- Property Type (SFR, PUD, Condo + New Construction vs. Existing)
- Number of Units (1,2,3, or 4 Unit)
- Subordinate Financing
- Current Price on Mortgage-Backed Securities (Market Fluctuation)
For more information about finding the right financial product for you, you can contact Stephen Speer at firstname.lastname@example.org, or visit his web site at stephenspeer.com. If you are interested in buying a new home or any other home, please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida 33511) and I can help you find a new home in the Tampa Bay Area. My email address is email@example.com or call me at 813.205.9280. If you are just starting your search, you can search the MLS for homes on my website at this link.
- The Sedgewick in Riverview, Florida (flnewhomesforsale.wordpress.com)