Getting the Best Tampa Mortgages (10-15-30-Year Fixed, 5/1, 7/1 ARM)

If you’re in the market to purchase a home in Tampa, you may be surprised to hear that the median cost of a home is currently $279,900 according to Zillow.

These rising costs mark a huge increase of 12.8 percent throughout the past year, with Zillow experts predicting that home prices will continue to rise by 4.3 percent in 2018.

Whether you’re interested in Tampa home loans to purchase a new house or examining your options to refinance existing Tampa mortgage rates, you’ll want to make sure you are up-to-date with current rates and terms before talking with mortgage companies in Tampa.

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Types of Mortgage Companies in Tampa

Today, borrowers have plenty of options when choosing between lenders for Tampa mortgage rates and terms.

Rates, terms, and overall affordability can vary greatly from one lender to the next, which makes exploring multiple options key when looking for the best Tampa mortgages. 


Banks are the most traditional mortgage companies in Tampa, and are a good option if you have an existing banking relationship.

For those who prefer to discuss Tampa home loans and refinance options in person, a brick-and-mortar bank will be the best option.

With stricter requirements, however, new borrowers may have difficulty getting good Tampa mortgage rates from large banks, especially when dealing with less than ideal credit.

Online Lenders

Online mortgage companies in Tampa are becoming increasingly popular due to their flexible terms and low rates on Tampa mortgages.

Tampa mortgage lenders offering competitive online mortgage rates in Tampa can include online-only banks, lending companies, or even peer-to-peer lending platforms.

Not only are online applications easier to fill out, but they also tend to have the quickest response rates, meaning that you could potentially get an answer on a Tampa mortgage within hours.

Credit Unions

Similar to banks, an existing relationship with a credit union could be a great resource for home buyers looking for affordable Tampa mortgage rates.

Because they tend to have lower operating costs, these Tampa mortgage lenders often have promotional rates and flexible terms, providing a great resource for affordable Tampa mortgage rates.

Best Mortgage Rates in Tampa

Tampa, FL

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Factors that Influence Tampa Mortgage Rates

While terms will play a role in determining monthly costs, Tampa mortgage rates will be the biggest factor in whether your monthly payments are affordable.

See the sections below for common elements that can impact mortgage rates in Tampa.

Credit Score

Just like any other loan, a borrower’s credit score is used as a benchmark for reliability. Tampa mortgage lenders see high credit scores as proof of reliability, offering lower Tampa mortgage rates as a result.

Lower credit scores are problematic for lenders, as it raises doubts on whether a borrower can financially manage Tampa mortgage rates.

While exploring mortgage rates in Tampa, take the time to examine your credit score. Look for ways to boost your score through paying off any old debts or resolving errors before talking with mortgage companies in Tampa.


For some Tampa mortgage lenders, the location of your home could make a difference in Tampa mortgage rates.

The affordability of Tampa mortgages may fluctuate when looking in an urban or a rural area, so make sure that you take note of the location while evaluating Tampa mortgage rates.

Down Payment

Putting aside more money for a down payment certainly isn’t fun, but it’s a great way to boost your chances of getting lower Tampa mortgage rates. According to Bankrate, most lenders require a payment of at least 3 percent.

Although some mortgage rates in Tampa will still be affordable with a lower down payment, the best way to keep Tampa mortgages cost-effective over time is to put 20 percent down.

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Conclusion – Getting the Best Tampa Mortgage Rates

Once you know what type of Tampa home loans you are interested in, your next step is to start evaluating lenders to find the best Tampa mortgage rates and terms.

Just as with any other shopping experience, it’s important to weigh in your options and compare offers on Tampa mortgages from multiple lenders to ensure that you are getting the best deal possible.

Affordable and manageable Tampa mortgages are determined not just by monthly payments, but also by interest rates and Tampa mortgage terms.

As such, don’t be afraid to shop around until you find the best mortgage rates in Tampa for your financial needs.

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