A company that values your dreams as much as you do!
You need a great mortgage lender whose personal commitment to professional excellence, coupled with a strong desire to help others achieve their financial goals, is their common thread. We often hear from our clients, that working with reputable lenders is a far superior experience than at other lending institutions and mortgage companies.
* Primary Residences, Second Homes & Investment Properties
* Conventional, FHA, VA , USDA & Jumbo
* 1st Mortgage, 2nd Mortgage, HELOCs, Reverse Mortgages, 203(k)
* Fixed Rate, Adjustable Rate & Interest Only
* Hard Money
When looking at Tampa mortgage companies, you should know that Realnet Tampa Bay provides mortgages and great rates to home and investment property buyers. You deserve a mortgage company that values your dreams as much as you do!
Personal commitment to professional excellence, coupled with a strong desire to help others, is the common thread among our team. We often hear that our clients experience working with us is far superior to those encountered at other lending institutions. We're proud of that difference, and of the long lasting relationships we have forged with our clients, their friends and their families! Our commitment to excellent customer service continues long after you have signed your closing documents. When changes arise in interest rates or market activity that may be advantageous to you, you can be assured that we will contact you and advise you of your options. Not only will we be your mortgage broker, we will become your one-stop mortgage information source. The key in choosing a Tampa mortgages and a loan that best fits your needs is to evaluate your finances and choose the best type of loan that fits your budget and your long- or short-term investment strategy.
For more information,
contact Tami LaManna
Licensed Mortgage Broker
Realnet Lending Group, LLC
Office: 813.600.3354 
Great mortgage lenders work to provide you with the tools you need to research your next mortgage and find the rates that best fit your specific needs.
The mortgage calculator will help you discover your monthly payments based on the price of your home, the down payment, the mortgage term and interest rate.
The affordability calculator is extremely helpful in letting you know what you can afford and will help you refine your property search.
From the first time home buyer to the seasoned investor, lenders have the solution to get you into your home quickly and easily. Owning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, enjoy tax deductions, say "good bye" to your landlord and take control of your living environment. Whether you are a first-time home buyer, renter, or are purchasing a new or second home, there is an assortment of tools and loan programs to meet your individual financing needs.
Lenders can help you realize your home ownership dreams by offering you all the best advantages:
- Low rates
- Quick & easy application
- Broad range of traditional and innovative mortgage programs
- Guidance and advice from an experienced and knowledgeable mortgage professional
Determine how much you can borrow and buy by speaking with an experienced mortgage professional. What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. Providing the information will allow lenders to help you calculate how much you can afford to spend on a home. However, many additional factors play a part in the loan qualification process which is why you need to speak with a professional.
When making an offer on a home you want to have the upper hand in negotiating. Getting pre-approved for maximum buying power will allow you to be confident in your ability to make an offer on your dream home. It will also show the seller that you are prepared and they do not need to worry about your ability to afford the home.
You can beat the competition and negotiate more effectively when you are pre-approved.
New Construction
Are you thinking about buying a newly constructed home, or are you looking at condominium developments? Talented loan officers are exceptional at structuring a loan program for these situations. They can offer special financing and rate locks through completion of the construction.
Home Buyer Tax Credits Available
If you are a first-time home buyer looking to purchase a home, you may be entitled to receive up to $8000 back from the Government. Buyers must have a binding contract on a home on or before April 30, 2010 and close on the home by June 30, 2010 to be eligible for the credit. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. Additionally, long-time homeowners who buy a replacement residence may also claim a home buyer credit of up to $6500. The homeowners must have lived in the same principal residence for a period of five consecutive years. If you are interested in this program, please contact a mortgage professional.
Are you looking to improve your cash flow, take cash out or consolidate your debt? An experienced mortgage professional will take the time to find the right loan solution to fit your needs, and your budget. Lenders have a wide variety of programs to chose from that can be tailored to your unique situation. As a homeowner you have the option of refinancing your mortgage. This is where your investment can really go to work for you. Find out if now is the right time to refinance! You may be able to lower your monthly payments or reduce the time it takes to pay off your loan. You may also be able to save even more if you use your refinance proceeds to pay off credit card or other installment debt, since mortgage interest is usually 100% tax-deductible, and interest on consumer debt is not.
Here are some important reasons to consider refinancing:
Get a lower mortgage rate and reduce interest costs- Convert an adjustable rate mortgage to a secure, fixed-rate mortgage
- Consolidate your first and second mortgages into a mortgage with a lower rate
- Get cash for family wants and needs
- Pay off high interest debts
- Purchase property or other investments
- Make major home improvements
- Cover unforeseen family needs or emergencies
- Set up a retirement account or put money aside for “a rainy day”
- Pay college tuition
The advantages of refinancing include:
- Low rates
- Quick & easy application
- Broad range of traditional and innovative mortgage programs
- Guidance and advice from an experienced and knowledgeable mortgage professional
The process of refinancing your mortgage begins with completing a loan application. Your Loan Officer will then order the type of appraisal required for your loan. The new loan amount will be based on the current value of the property and whether you wish to cash out some or all of the equity you have accrued.
Home Equity
Do you need extra cash for a home improvement project, consolidate debit, or take a vacation? A home equity loan or line of credit may be what you are looking for. Call us today to find out more.
Reverse Mortgages
Many elderly homeowners become interested in reverse mortgages so they can stay in their own homes. Is a reverse right for you or your loved one? Call dedicated reverse mortgage specialist to compare all your options and get answers to any questions you may have. Find out if now is the right time for you to refinance your current mortgage to lower your monthly payments, pay of your mortgage faster, take cash out, or combine your first and second mortgage.
These mortgage solutions can help make your financial dreams come true!
The key in choosing a mortgage and a loan that best fits your needs is to evaluate your finances together with an experienced mortgage professional and choose the best type of loan that fits your budget and your long- or short-term investment strategy.
Which loan is right for me?
Use the tables below to find out which type of loan matches your specific circumstances and provides you with the best advantages.
| Years you plan to stay in the home | Recommended program | ||
| 1-3 years | 3/1 ARM, 1 year ARM or 6 month ARM | ||
| 3-5 years | 5/1 ARM | ||
| 5-7 years | 7/1 ARM | ||
| 7-10 years | 10/1 ARM, 30 year fixed or 15 year fixed | ||
| 10+ years | 30 year fixed or 15 year fixed | ||
A good mortgage professional provides you with helpful information on loans so that you can make educated decisions about home financing. We have the following pages designed to help guide you through understanding the loan process and help answer many of your questions. You can use the drop down navigation above or simply click on the links below to find more detailed information.
- Loan Process - Here we go through the loan process - assisting you in understanding what is required and how it all works so that you can set your mind at ease and know what to expect.
- FAQ - Here we've posted many of the frequently asked questions that come up on a regular basis to provide you with the answers you need to get a solid foundation on understanding how the mortgage process works.
Your mortgage professional will provide you with helpful information on loans so that you can make educated decisions about home financing. They have the following pages designed to help guide you through understanding the loan process and help answer many of your questions. You can use the drop down navigation above or simply click on the links below to find more detailed information.
- Loan Process - Here we go through the loan process - assisting you in understanding what is required and how it all works so that you can set your mind at ease and know what to expect.
- FAQ - Here we've posted many of the frequently asked questions that come up on a regular basis to provide you with the answers you need to get a solid foundation on understanding how the mortgage process works.
Q. Will getting my mortgage be difficult?
A. No. If you are able to provide your lender with the requested information and documentation, they can give you a quick firm answer that meets your needs. Only work with mortgage professionals who are experts in every aspect of the process, from data entry to loan closing.
Q. Should I refinance?
A. The most common reason for refinancing is to save money. Saving money through refinancing can be achieved in two ways:
By obtaining a lower interest rate that causes one's monthly mortgage payment to be reduced.
- By reducing the term of the loan, thus saving money over the life of the loan. For example, refinancing from a 30-year loan to a 15-year loan might result in higher monthly payments, but the total interest paid during the life of the loan can be reduced significantly.
B. Another popular reason why homeowners refinance is to receive cash. There are many reasons to take cash out such as putting money away “for a rainy day”, to pay for college tuition, to pay off high interest consumer debts (which are not tax-deductible), to invest in a retirement plan, to complete home repairs, etc. C. People also refinance to convert their adjustable mortgage to a fixed loan. The main reason for doing this is to obtain the stability and the security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas adjustable loans tend to be more popular when rates are higher. D. Sometimes, you do not have a choice--you are forced to refinance. This happens when you have a loan with a balloon payment and no conversion option. In this case, it is best to refinance several months before the balloon payment is due. The answer to the question, "Should I refinance?" is a complex one, since every situation is different and no two homeowners are in the exact same situation. Whatever you are considering, consulting with a seasoned mortgage professional will save you time and money!
Q. What is a FICO score?
A. A FICO score is a credit score developed by Fair, Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. A credit score attempts to condense a borrower’s credit history into a single number. Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. Developing these models involves studying how thousands, even millions, of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit bureau reports. Credit scores analyze a borrower's credit history considering numerous factors such as:
- Late payments
- The amount of time credit has been established
- The amount of credit used versus the amount of credit available
- Length of time at present residence
- Employment history
- Negative credit information such as bankruptcies, charge-offs, collections, etc.
There are really three credit scores computed by data provided by each of the three bureaus--Experian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score as is typically the case for a mortgage. How can I increase my score? While it is difficult to increase your score over the short run, here are some tips to increase your score over a period of time.
- Pay your bills on time. Late payments and collections can have a serious impact on your score.
- Do not apply for credit frequently. Having a large number of inquiries on your credit report can worsen your score.
- Reduce your credit-card balances. If you are "maxed" out on your credit cards, this will affect your credit score negatively.
- If you have limited credit, obtain additional credit. Not having sufficient credit can negatively impact your score.
What if there is an error on my credit report? If you see an error on your report, report it to the credit bureau. The three major bureaus in the U.S., Equifax (1-800-685-1111), Trans Union (1-800-916-8800) and Experian (1-888-397-3742) all have procedures for correcting information promptly. Alternatively, a mortgage professional may help you correct this problem as well.
Q. What is the difference between getting pre-qualified and pre-approved?
A. Pre-qualification is normally determined by a loan officer. After interviewing you, the loan officer determines the potential loan amount for which you may be approved. The loan officer does not issue loan approval; therefore, pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues a pre-qualification letter. The pre-qualification letter is used when you make an offer on a property. The pre-qualification letter informs the seller that your financial situation has been reviewed by a professional, and you will likely be approved for a loan to purchase the home. Pre-approval is a step above pre-qualification. Pre-approval involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to a lender's underwriter by the loan officer, and a decision is made regarding your loan application. When your loan is pre-approved, you receive a pre-approval certificate. Getting your loan pre-approved allows you to close much more quickly when you do find a home. Pre-approval can also help you negotiate a better price with the seller.
Q. Can my loan be sold? What happens if my lender goes out of business?
A. Your loan can be sold at any time. There is a secondary mortgage market in which lenders frequently buy and sell pools of mortgages. This secondary mortgage market results in lower rates for consumers. A lender buying your loan assumes all terms and conditions of the original loan. As a result, the only thing that changes when a loan is sold is to whom you mail your payment. In the event your loan is sold you will be notified. You'll be informed about your new lender, and where you should send your payments. If your lender goes out of business, you are still obligated to make payments! Typically, loans owned by a lender going out of business are sold to another lender. The lender purchasing your loan is obligated to honor the terms and conditions of the original loan. Therefore, if your lender goes out of business, it makes little difference with regards to your loan payments. In some cases, there may be a gap between the date of your lender's going out of business and the date that a new lender purchases your loan. In such a situation, continue making payments to your old lender until you are asked to make payments to your new lender.
Q. What is Private Mortgage Insurance (PMI)?
A. PMI is normally required when you buy a home with less than 20 percent down on a conventional mortgage. Mortgage insurance is a type of guarantee that helps protect lenders against the costs of foreclosure. This insurance protection is provided by private mortgage insurance companies to protect the lender. It enables lenders to offer loans with lower down payments. In effect, mortgage insurance pays the lender a certain percentage of your original purchase price to cover a lender's losses in the unfortunate event of foreclosure. Therefore, without mortgage insurance, you would need to make a 20 percent down payment in order to buy a home. Canceling your PMI: Federal law requires PMI to be cancelled under certain circumstances, and Fannie Mae guidelines provide for cancellation of PMI in additional situations if the loan is owned by Fannie Mae. In general, PMI for a loan originated on or after July 29, 1999, which is secured by the borrower's one-family principal residence or second home will be canceled at the borrower's request when the loan-to-value ratio (LTV) reaches 80 percent based on the value of the home at loan origination. In order to cancel PMI under the rules of July 29, 1999, the borrower must have a good payment history and the property value must not have declined. PMI on mortgages owned by Fannie Mae can also be canceled at the borrower's request when the LTV reaches 75 percent based on the current value of the home as established by a new appraisal, provided that the borrower has a good payment history and that the loan is at least two years old. If the borrower does not request PMI cancellation, the PMI servicer must automatically cancel PMI on these loans when the LTV is scheduled to reach 78 percent, based on the value of the home at loan origination, provided that the loan is current at that time. For loans originated before July 29, 1999, which are secured by the borrower's principal residence or second home and that are owned by Fannie Mae, PMI will generally be canceled at the midpoint of the loan term, provided that payments at that time are current.
Q. What is an Annual Percentage Rate (APR)?
A. The annual percentage rate (APR) is an interest rate that is different from the note rate. It is commonly used to compare loan programs from different lenders. The Federal Truth in Lending law requires mortgage companies to disclose the APR when they advertise a rate. Typically the APR is found next to the rate.
Example:
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The APR does NOT affect your monthly payments. Your monthly payments are a function of the interest rate and the length of the loan. Unfortunately various lenders calculate APRs differently! A loan with a lower APR may not be the best choice. The reason why APRs are confusing is because the rules to compute APR are not clearly defined. The following fees ARE generally included in the APR:
- Points - both discount points and origination points
- Pre-paid interest. The interest paid from the date the loan closes to the end of the month. Most mortgage companies assume 15 days of interest in their calculations. However, some companies may use any number between 1 and 30!
- Loan-processing fee
- Underwriting fee
- Document-preparation fee
- Private mortgage-insurance
The following fees are SOMETIMES included in the APR:
- Loan-application fee
- Credit life insurance (insurance that pays off the mortgage in the event of a borrowers death)
The following fees are normally NOT included in the APR:
- Title or abstract fee
- Escrow fee
- Attorney fee
- Notary fee
- Document preparation (charged by the closing agent)
- Home-inspection fees
- Recording feer
- Transfer taxes
- Credit report
- Appraisal fee
Calculating APRs on adjustable and balloon loans is even more complex because future rates are unknown. The result is even more confusion about how lenders calculate APRs. Do not attempt to compare a 30-year loan with a 15-year loan using their respective APRs. A 15-year loan may have a lower interest rate, but could have a higher APR, since the loan fees are amortized over a shorter period of time. Conclusion: Use the APR as a starting point to compare loans. The APR is a result of a complex calculation and not clearly defined. There is no substitute to getting a good-faith estimate from each lender to compare costs. Remember to exclude those costs that are independent of the loan.
Realnet Lending Group is a fully licensed mortgage broker, assisting people with helping their dreams become a reality. We can help you find the right mortgage that matches your specific needs. Florida: MLB100000908 Mississippi: 3873/2009
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