Current Mortgage Rates in Tampa, FL Today
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Compare mortgage rates in Tampa.
Key Points
• Mortgage rates in Tampa are influenced by economic conditions and personal financial factors such as credit score.
• Even a slight change in mortgage rates can have a big impact on your monthly payment and the amount you’ll pay over the life of your loan.
• Florida has resources and programs to make the dream of homeownership a reality for first-time buyers and those with limited financial resources.
• Fixed-rate mortgages provide predictability, while adjustable-rate mortgages (ARMs) usually have a lower introductory rate, but adjust up or down after that.
• Fixed-rate mortgages provide predictability, while adjustable-rate mortgages (ARMs) usually have a lower introductory rate, but adjust up or down after that.
Introduction to Tampa Mortgage Interest Rates
Mortgage rates in Tampa are a key consideration for anyone looking to buy a home. They can greatly affect how much home you can afford and what your long-term financial planning looks like. This guide will help you understand how mortgage rates are determined and how you can get the best rate for your situation — it’s especially helpful if you are buying your first home. Step one in your mortgage journey? Understanding where rates in Tampa come from.
Where Mortgage Rates Come From
The rate a homebuyer obtains for their home loan is influenced by a combination of factors, including the economy and the borrower’s financial situation and credit history. Let’s break it down:
Economic Factors Influencing Mortgage Rates
• The bond market, particularly the 10-year U.S. Treasury Note, has historically been a primary indicator of where mortgage rates are headed. When the rates on the note rise, mortgage interest tends to head in the same direction.
• The health of the housing market also plays a role. When the housing market cools and more homes are available than there are buyers, lenders may lower rates to keep attracting customers.
• Inflation and unemployment also play a role in determining mortgage rates. When the economy is strong, mortgage rates tend to rise, reflecting the potential for increased demand for borrowing and potentially higher costs for lenders providing loans to consumers. A recession is usually accompanied by lower mortgage rates.
Borrower Factors Influencing Mortgage Rates
• Your credit score is a significant predictor of the rate you’ll be offered. The higher the score, the lower the rate you’ll likely obtain.
• The amount of your down payment plays a role as well. Making a larger down payment can result in a lower interest rate because borrowers who have more equity in their newly purchased property are perceived as a lower default risk by the lender.
• Your debt-to-income (DTI) ratio is also important. Lenders will look at your income in relation to your monthly debts. In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.
The type of home mortgage loan you choose and its term will also impact your interest rate. We’ll get into that in more detail below.
In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.
More home loan resources.
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First-Time Homebuyer Guide
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First-Time Homebuyer Programs and Loans
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Mortgage Preapproval Process
Apply online or call us for a complimentary mortgage consultation.
Setting Money Boundaries Isn’t Easy, But It’s Worth It
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
Let’s be honest — money can complicate relationships. You might have a sibling who always needs some extra cash. A roommate who expects you to handle it when they’re short on their share of the rent. A friend who assumes you’re down to get another round or a pricey bottle of wine and then somehow, conveniently, forgets to Venmo you. (More on those “financial frenemies” later.)
If there are people in your life pressuring you to spend money you don’t want to spend (even on yourself,) it can make you feel resentful and stressed, not to mention derail your finances. It can also create some pretty awkward situations — whether there’s someone at fault or not. (Ever have a less budget-conscious friend obliviously suggest splitting the check 50/50 after you ordered a salad and they splurged on lobster and two cocktails?)
In fact, 26% of U.S. adults surveyed last year by Bread Financial said they felt financially incompatible with their friends, and 21% said they’d lost a friendship over money. And a separate survey by Intuit showed 27% of women and 17% of men feel uneasy talking about money in social settings.
Setting money boundaries might feel uncomfortable at first, but it can help you protect your relationships and your bank account. Here are a few tips for gently but firmly establishing limits and expectations around how you spend, discuss and share your money.
How to Set Money Boundaries
Remember, setting personal boundaries is important for healthy relationships, and money boundaries are no different. According to Psychology Today, boundaries give you the physical, emotional, and psychological space you need to feel comfortable, safe, and respected in your interactions with others.
Set Expectations Beforehand
One of the best ways to avoid awkward conversations or hard feelings is to set firm, clear money boundaries at the outset. You might even want to practice what you’re going to say ahead of time.
To that oblivious friend, you might say: “I’d love to join you for dinner, but I’m saving up for my vacation, so I’ll just get something light.” Or, “I’m happy to go, but I have a budget of $20.” Be transparent about your financial comfort level to raise awareness and help prevent misunderstandings.
Broadcast Your Rules
Some boundaries are best communicated broadly so that no one feels singled out. For example, you might make a habit of mentioning your rules when planning group outings or discussing shared expenses. You might say: “I always Venmo right after we split the check,” or “I like to keep my social budget to $100 a week.”
By setting expectations with everyone, before any specific tension or situation arises, you’re making it much less likely your friends or family will feel offended.
Watch Out for Financial Frenemies
There are a number of types of financial frenemies. Maybe they always pick the most expensive activities, conveniently forget their wallet, or guilt you into covering their share. Recognizing these patterns is key to setting boundaries and protecting your money. Addressing the issue directly (but nicely) can often reframe the dynamic — but if it doesn’t, it might be time to reevaluate the friendship.
Offer Other Types of Help
If a friend or relative asks you for financial help you’re not comfortable with, be empathic, tell them you can’t, and then consider whether there are other ways you can show your support.
You might say, “I’m not in a position to contribute money right now, but I can take a look at your resume.” Or, “I’m sorry, I can’t do that, but let’s stay in tonight and brainstorm other options for you.” (If they’re often in a bind, you might even direct them to SoFi’s extensive library of financial tools and guides.)
Don’t Rush to Answer
When someone approaches you about money, it’s okay to take your time before answering. You might regret a quick response, either because you agreed to something you didn’t want to, or because your “no” wasn’t as tactful as you would have liked.
Practicing a few versatile catch phrases now can be really helpful for whenever a situation arises. “Let me think about it and get back to you” is a great one (and not just when it comes to money boundaries.) Or you might try, “I need to check my budget first.” This gives you some time to determine your comfort level and the best way to respond.
Be Comfortable If a Loan Turns Into a Gift
Experts agree that if you do decide to help someone, only offer an amount you can afford to part with. In other words, make sure it wouldn’t put you out if you didn’t get it back. So even if it’s framed as a loan, think of it as a gift. (And if you’re willing, consider actually making it a gift.)
Don’t Expect to Be Completely Comfortable
Setting and maintaining limits isn’t always easy. The conversations may be tough. You may feel guilty. Or you may worry you’ll alienate someone close to you. But don’t get sucked into thinking you’re being selfish by prioritizing your own financial well-being. It will get easier with practice. And ultimately, it should lead to healthier relationships and less stress for everyone.
photo credit: Bernie Pesko
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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Read moreSoFi Everyday Cash Rewards Card | 12TT | SoFi
SoFi Everyday Cash Rewards Credit Card Terms & Conditions
| SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES | |
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Annual Percentage Rate (APR) for Purchases |
0% Introductory APR on purchases for the first 12 months from account opening. After that, your standard purchase APR will be 18.74% to 32.99% based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate. |
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Annual Percentage Rate (APR) for Balance Transfers |
0% Introductory APR on balance transfers for the first 12 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 18.74% to 32.99% based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit. |
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Annual Percentage Rate (APR) for Cash Advances |
30.74%. This APR will vary with the market based on the Prime Rate. |
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How to Avoid Paying Interest on Purchases |
Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date. |
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Minimum Interest Charge |
If you are charged interest, the charge will be no less than $1.00. |
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For Credit Card Tips from the Consumer Financial Protection Bureau |
To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore |
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| Annual Fee | None |
Transaction Fees
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Penalty Fees
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How We Will Calculate Your BalanceWe use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest. Loss of Introductory APRWe may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR. Variable RatesYour Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement. Payment AllocationWe decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR, and then to the balances with higher APRs. If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment, first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law. SoFi Everyday Cash Rewards Credit Card Terms & ConditionsThe SoFi Everyday Cash Rewards Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (“SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”), which will be provided when the SoFi Credit Card Account is issued. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application. You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States. Identity VerificationIMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account. Credit ReportsUpon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following the approval of your application. You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing, and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies. Cardholder AgreementIf you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Everyday Cash Rewards Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement. In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services. Credit EligibilityTo receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:
We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500. About Adding An Authorized UserBefore adding an authorized user to your SoFi Credit Card Account you should know that:
If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law. Additional InformationAny benefit, reward, service, or feature offered in connection with your Card Account may change or be discontinued at any time for any reason except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies. SoFi Everyday Cash Rewards Credit Card Rewards Program
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