Services
Tory provides an exceptional mortgage service to his customers. He is a mortgage lender who is able to shop around to different lenders to find you the best terms as brokers do it better. Service is what he prides himself in – getting the work done in a timely manner and being on time every time with each customer. Getting a mortgage can be stressful and Tory will let you know this so that you are prepared up front. However, Tory will assist you in every way that he can by explaining specifically what items are needed and why, even to the point of obtaining what items he can so that you don’t have to. Due to mortgage lending privacy acts you will need to obtain most of the items but, if it is possible, Tory will obtain the items that he can to help you. Tory is very personable and will add a personal touch so that you will feel very comfortable and confident while working with him. I guarantee that you will have some laughs together and feel a connection as he will take all the time needed to help you. Tory is licensed in the states of Minnesota, Wisconsin and Florida. His main office is in Tampa, Florida.
Another Mortgage Lending service provided by Tory, a mortgage lender in Tampa, Florida, is that he will research all the options that are available to best benefit your situation. No two mortgage loan situations are alike. You may be just starting out in life, having secured your first job, and are looking to buy your first home. Maybe you have your first home and now want a larger home to accommodate your growing family or perhaps your children are now grown, have left home, and you want to downsize. Other situations that involve specific knowledge in mortgage lending are if you are self-employed, work seasonally, have been through a bankruptcy or want to repair your credit. Are you looking for a second home or an investment property? Every situation will be personally designed for you and requires the 20 years of experience and knowledge that Tory has in Mortgage Lending. Tory mortgage lender Tampa FL works with approximately 15 different lenders so he has many options to find the plan that fits you best. Are you in the military or are you a military veteran? Tory is a veteran, having been in the United States Marine Corps and the Wisconsin National Guard, and therefore can help you obtain a VA mortgage or refinance with a VA Streamline refinance. If you currently have a VA mortgage on your home and plan to sell your home, did you know that your VA loan is assumable to any qualified borrower? In other words, it does not have to specifically be another military buyer but it can be any qualified borrower. This can be very beneficial for you if you currently have a VA loan on your home and it has a better interest rate than the current market rate. Tory did a loan like this in 2024. The interest rate on the home that was being sold was 2.375% and the current market interest rate was between 6 to 7%. A borrower who was not a veteran was able to assume the 2.375% interest rate and therefore saving hundreds of dollars per month on interest! It is situations such as this that show the special service that Tory provides. Not many people know that a VA loan can be assumed by any qualified borrower. In fact, assumable mortgages are so rare now that a lot of people are not aware that they even exist. You need to talk to someone familiar with all the changes in Mortgage Lending to make sure you have the correct information.
Another service provided by Tory regarding Mortgage Lending is that he is available in the evenings and on weekends. He understands that you have a job, most often during the day, and we do not want to interfere with your employment as it often is difficult to talk when you are working. Working around your schedule is a special service as it would not be convenient for you if you could only talk to your mortgage planner during very limited hours (which is often the case).
Tory, a mortgage lender in Tampa FL, offers Conventional Mortgages, FHA Mortgages, VA Mortgages, USDA Mortgages and Reverse Mortgages. The majority of mortgages in the United States are Conventional Mortgages. FHA Mortgages often have a lower interest rate and accept lower credit scores but they have a funding fee and a monthly mortgage insurance premium that lasts the life of the loan. USDA Mortgages cater to eligible towns and rural areas. USDA is a zero down payment mortgage and often has lower rates because the government is taking on the risks associated with lending. For example, on May 1,2024 the government agency set the interest rate for mortgages issued directly by the USDA at 4.625%. By comparison, the average interest rate for a conventional 30-year mortgage was about 7.36% that day. And USDA loans don’t require borrowers to pay for traditional private mortgage insurance, or PMI. If you live in a rural area in Florida, Minnesota or Wisconsin, Tory at Mortgage planning can help you with that!
The relationship with Tory does not just end with your current mortgage. Tory has contributed to several annual pool parties that are for the entire family. These pool parties are in recognition of the business relationship he has been honored to have had with you. Several customers have also visited Tory in his Tampa, Florida home and have invited him to their home in either Tampa, Florida, Minnesota or Wisconsin.
Purchasing a home is often the largest investment that most people make in their lifetime and they usually only go through this process 2 or 3 times in their lifetime. Also, requirements change often and that is why you need the service of someone who is experienced in the business. It can be confusing to listen to the news or google different terms and processes. Let Tory, mortgage lender Tampa, Florida, take the guesswork and time out of it for you. Referrals are the lifeline of any business and the majority of Tory’s business is from referrals and often goes back to customers and their families from the past 20 years. We recommend that you give Tory a chance to service you. His main office is in Tampa, Florida. If you live in one of the states that has a cold winter we invite you to visit us in Tampa, Florida!
What is mortgage planning?
Mortgage Planning is the process of carefully evaluating your mortgage lending options and choosing the right mortgage lending strategies. Your mortgage is most often your single largest debt and your home is most often your single largest financial investment.
Tory mortgage lender Tampa FL has 22 years of experience in the mortgage lending business. Tory was a mortgage lender with Wells Fargo for 12 years and now has 10 years of experience as being an independent mortgage broker. Brokers do it better as Tory can shop with many lenders to find the lowest interest rates for you! Previously located in Ft. Lauderdale, Florida, Tory mortgage lender Tampa FL helps homeowners and prospective homeowners throughout the great states of Florida, Minnesota and Wisconsin. Whether you are interested in purchasing a home or refinancing your home, Tory will work with you individually to create the plan that works best for you. Tory’s main office is in Tampa, Florida.
What are the 3 C’s of mortgage planning?
The 3 C’s of mortgage lending are Character, Capacity and Collateral. Character is determined by your credit worthiness, in other words, your credit score and credit report. Having a higher credit score can mean a lower interest rate for you. Ways to improve your credit score are paying your loans on time, not getting too close to your credit limit, having a long credit history and making sure your credit report doesn’t have errors. You can obtain your full credit profile once a year for free at: annualcreditreport.com. If you want your scores, there is a small fee. Tory mortgage lender Tampa FL can work extensively with you to help repair your credit report. Give Tory mortgage lender Tampa FL a call or text today at 651-206-1076 to see what he can do to improve your credit scores. You also can email at Tory@mortgage-planning.com.
Capacity is your ability to repay the loan. Be prepared to provide your recent bank statements, investment accounts, and proof of income. Qualifying for a mortgage involves lots of documentation and I want to take the frustration out of it for you. The more organized you are with your income and asset documentation the easier it will be for you.
Collateral: Your home is the collateral for the loan. An in-home appraisal is most often required where a professional appraiser comes to the home, does an evaluation, and provides the lender with what they feel is the value of the home. If you are purchasing a home, a separate home inspection is recommended. This home inspection differs from an appraisal as the home inspector is going to be looking at areas that may need to be repaired prior to purchasing. You often can negotiate with the seller if repairs are recommended by the inspector.
What is the most common mortgage lending plan?
A conventional loan is a type of mortgage lending that isn’t insured by the federal government. It’s also the most popular kind of home loan. Two-thirds of people who purchased a home in 2024 did so with a conventional mortgage, according to the National Association of Realtors. The most popular mortgage repayment terms are a 30-year mortgage or a 15-year mortgage.
There are 3 types of Government-Backed loans which offer benefits like lower down payments and interest rates for eligible borrowers. They are FHA loans, VA loans and USDA loans.
- FHA Loans: Insured by the Federal Housing Administration, these are popular for first time homebuyers and those with lower credit scores.
- VA Loans: Guaranteed by the Department of Veterans Affairs, these are available to eligible veterans and active-duty military personnel.
- USDA Loans: Guaranteed by the Department of Agriculture, these are for rural or suburban areas and often have low down payments.
What is a Reverse Mortgage?
A reverse mortgage allows homeowners aged 62 or older to borrow money against their home equity, receiving payments as a lump sum, monthly income or a line of credit, without needing to make payments as long as they live in the home. The loan becomes due when the homeowner dies, moves out permanently, or sells the home. Tory at Mortgage Planning is available to assist with questions regarding a Reverse Mortgage.
Are you a First Time Homebuyer?
It’s never too early to start mortgage planning for your first home. It doesn’t hurt to talk to a mortgage planner early on, just to make sure that you have your finances in order and are not going to do anything to damage the amount you’d be able to borrow for a mortgage. If you set a budget for a monthly mortgage payment, be aware that in addition to the monthly loan payment there are other monthly expenses involved. If you don’t have a high enough down payment, there may be private mortgage insurance. This is different than homeowners’ insurance and will add to your monthly payment. Homeowners’ insurance and property taxes are often rolled into your monthly mortgage payment. If you are getting a fixed interest rate (the most common mortgage), your monthly loan payment will not change but your homeowners’ insurance and property taxes will change causing your monthly total payment to change yearly. HOA fees are not included in your monthly mortgage payment to the lender but if your home has an HOA, these fees need to be considered in your mortgage planning. There are several programs available for down payment assistance for first time homebuyers. The process with these programs can often be slow so allow extra time and patience with these programs and make sure that you have a seller who is understanding of the process.
Refinancing is another mortgage lending planning option. You can give your budget some breathing room by refinancing to a lower interest rate, extending the length of your loan or switching to an adjustable-rate mortgage. Refinancing also allows you to access the equity in your home to pay for home improvements, pay off high-interest rate credit card debt, cover large purchases like a car, wedding or college tuition. Refinancing to access the equity in your home is called a cash-out refinance.
Mortgage interest rates can fluctuate daily and interest rates are not one size fits all. It is always best to contact a mortgage planning consultant rather than trying to decipher what the news is saying. Tory mortgage lender Tampa FL will keep his eye on the interest rates for you to give you the best rate possible. Interest rates also can vary depending on what your financial situation is. Tory can personalize your mortgage lending plan to give you the best advantage in your individual situation. If necessary, Tory mortgage lender Tampa FL can assist with actions you can take to improve your homebuying or home refinancing power. He is licensed in Minnesota, Wisconsin and Florida with his main office being in Tampa, Florida. Tampa is a beautiful city so if you are from a colder climate we invite you to visit us in Tampa during our warmer winter months!