Refinance
If you got your home loan when interest rates were higher than they are now, you can borrow the money for your home again at a lower interest rate and use the money to pay off the old loan. This is known as refinancing.


Debt Consolidation
If you have many creditors at relatively high interest rates like credit cards, personal loans, car and boat loans, you can get a loan on your house at today’s low rates and use the money to pay off all the smaller bills. You can combine everything into one loan at a lower interest rate and payment. As a general rule of thumb it’s not a good idea to finance short-term purchases (food, entertainment, vacations, non-durable goods) with long-term debt, but if you have gotten in over your head the equity in your home can be a lifesaver.


Home Improvement Loans
Choose this option if you are planning a major improvement to your existing home and you don’t want to refinance your first mortgage because the rate is low or the prepayment penalty is too high. Home improvement loans are typically second mortgages because you are not replacing your fist mortgage.


Purchase Loans
If you are buying a home select this option. Often you can find better financing than the seller or the realtor is offering for your purchase.


FHA – VA
Select the FHA or VA purchase or refinance options if the loan you are looking for would be a government insured loan through the Veterans Administration or Federal Housing Administration. First time homebuyers would want to choose this type of loan. If you want to take advantage of the FHA or VA “streamline” refinance program, minimal qualifying is necessary for this type of loan.


Construction
If you are building a home choose this loan type. Lenders that specialize in this loan type can lend you the money to build on a property you already own or one you want to buy. If you own the land already they will lend you a percentage of the properties future value. If you don’t own it yet, they will lend you a percentage of its existing value.


Commercial
If the primary function of your property is to host a business then the loan would be considered a commercial loan.


Reverse Mortgage
A reverse mortgage is a loan the bank gives a borrower as a steady monthly income. When the borrower dies the home is sold and the loan is repaid. This is particularly well suited for senior citizens who have paid off their homes.


Home Equity Line of Credit (HELOC)
A HELOC is a second mortgage that works like a revolving credit line.

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Tampa Bay Lending Corporation 115 E Bloomingdale Avenue, Suite # 146 Brandon, FL 33511 Office: 813-315-2537 Fax: 813-315-2527 info@tblsinc.com