A Tampa REALTOR ® Discusses Mortgage Pre-approval

A Tampa REALTOR ® Discusses Mortgage Pre-approval

Any Tampa REALTOR ® can tell you that there are number of steps an individual must take before buying a home in the Tampa Bay area. As a prospective buyer, one of these steps is to get pre-approved for a home loan and your Tampa REALTOR ® may be able to help.

A pre-approval letter is a document stating the loan amount that you will likely qualify for in one or more mortgage programs. This amount is determined after you meet with a loan officer at a bank or other lending institution, and he or she reviews your credit history and credit score. The pre-approval letter is not an absolute confirmation of loan approval, but it is an indication of your borrowing power. It serves to show your Tampa REALTOR ® and home sellers that you have the ability to complete a home buying transaction.

A pre-approval letter can also help you:

  • Research your loan options – A good loan officer will find the mortgage program that best fits your needs, whether you’re seeking a small down payment or meet certain income levels.
  • Avoid rushing into a purchase agreement – An Offer to Purchase form usually requires a buyer to obtain financing within 7-10 days, but with a pre-approval letter, you can avoid hastily choosing financing that doesn’t meet your needs.
  • Find a price range – Although you may be pre-approved for a $250,000 home loan, in reality you may only be comfortable with securing a $150,000 home loan. Your Tampa REALTOR ® can then tailor his or her search for homes to meet your specific minimum and maximum price points.

To begin the process of pre-approval, go online to search for mortgage programs or talk to several loan officers at local banks. Additionally, your Tampa REALTOR ® can likely recommend specific mortgage companies and loan officers that he or she trusts to help you find the home loan that best fits your particular situation.

Prospective homebuyers seeking Harbour Island real estate or homes for sale in Odessa, Tampa, Valrico, Clearwater, St Petersburg, or other communities throughout the Tampa Bay area, can turn to a Tampa REALTOR ® at Nathan Bangs & Associates. Our firm is ranked in the top one percent of more than 7,000 local REALTORS ® and our dedicated real estate professionals have helped many people buy and sell homes. To find your dream home or to learn more about how to sell a house quickly, contact a Tampa REALTOR ® at Nathan Bangs & Associates today.

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Contact Information

Photo of Nathan Bangs Real Estate
Nathan Bangs
Keller Williams Realty
3502 Henderson Blvd.
Tampa FL 33609
For Buyers: 813-739-5925
For Sellers: 813-739-5965
Fax: 813.875.3701