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Purchasing the Right Home: How to Plan for It

Purchasing a home in South Florida can be a big decision, and you must be well-prepared to ensure the process goes smoothly. You don’t want to buy a home only to realize that it’s not what you want or that you don’t have the finances to be able to afford it

When you want to ensure that you’re purchasing the right home and have figured out all aspects, some planning should go into it. Here is how you can plan better before you start looking at homes to buy:

Make a Plan and Budget

When you’re starting the process of looking for a home, you need to have some aspects figured out. You need to know what you’re looking for in your home. The number of bedrooms, bathrooms and so on should be decided before you start looking. It would be helpful if you determined a budget to help narrow down the homes you’re looking at.

You can also figure out what area of South Florida you want to be living in and whether you’re looking for any extra amenities. It will help you save time later when you’re actually going through properties.

Know Mortgage Rates and Financing Companies

You might need a little extra help when it comes to acquiring your dream home, and a home mortgage can achieve just that. There are many options available when you’re looking to get a mortgage to help you out with paying for your home.

However, you should look for a South Florida mortgage service that helps you qualify for the lowest mortgage rates and give you financial advice. You want to be able to trust your mortgage expert, and finding a trustworthy service in South Florida can require some research.

Consider Escrow

Many homes sold on the real estate market are sold upon specific conditions. The sellers might be selling their home contingent on several other factors, including that they can purchase another home first. You might also be in a similar situation, where you can’t go through with purchasing another home until the one you’re currently in is sold off.

You need to consider escrow as being a big factor in buying or selling a home. You might have to wait a while before moving into the property you’ve purchased, so ensure that you know the timeline when you’re buying the home.

Know the Resale Value

When purchasing a home, you have to consider the possibility that you might not end up living in it forever. When it comes to selling off a property you own, several factors can determine its resale value.

You might be looking to flip the house and remodel it to make its value much higher. As a property owner, resale value is something you should be considering before you purchase any home in South Florida.

Looking for Home Financing? We’re Here to Help

When you need a little bit of help financially to help you get the home of your dreams, Pacific Lending Group is here to help. Many types of mortgages are available, and we will help you get the lowest rates so you can worry less about paying back your home. Call 954-227-4727 to get started on your home mortgage process.

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Mortgage Rate Lock: When to Lock In a Rate

Mortgage Rate Lock: When to Lock In a Rate. Buying a home can be a stressful process, especially when it’s your first time. When you’re looking for a mortgage to help pay for your home, there are many things to consider. Mortgage rates are constantly shifting, and you need to keep an eye on them to ensure you get the best rate.

When you want to ensure that you’re getting the best rate, you have to lock in a rate before it’s too late. Here is what you should know about mortgage rate locks:

What’s A Mortgage Rate Lock?

A mortgage rate lock is when a lender offers to guarantee the interest rate on your home mortgage for a fixed period. While the lender may ask for a fee for doing so, it can vary depending on the lender you are working with.

The lock period generally starts from the time you begin the process for the loan all the way to the time you end up closing on the loan. Once your interest rate is fixed, it won’t be changed unless you end up changing crucial details on your application form.

When Is The Best Time to Lock In A Rate?

If you’ve already begun the process of looking around for good lenders in South Florida, you might already be at the stage to lock in a lender. When you’ve compared a few mortgage interest rates, contact the lender who offers you the best conditions and interest rates.

Once approved for a home loan, you can lock in a rate with your desired lender. While you can wait and see if the mortgage rate goes down, this can be both a waste of time and money. The rates fluctuate, and trying to predict them can take more effort than it’s worth without conclusive results.

Does It Cost To Get A Rate Lock?

Depending on your lender, you might be charged for a rate lock, or it can be free. Ensure that you ask beforehand so you are not blind-sighted by any unexpected fees. If you end up paying for a rate lock, it can be dependent on the amount of your loan and the prevailing interest rate.
You should be aware that rate locks can last up to 30 days in most cases; if you plan to take longer than that to complete your mortgage process, you should talk to your lender.

Consulting With An Expert

When you’re thinking about locking in a rate, you need to take guidance from a lender on the best way to do so. There are some risks associated with locking in a rate that you might not be aware of, and a reliable lender can help you through the process while making sure you’re aware.

Looking to Lock In Your mortgage rate lock? We’re Here to Help

If you’re shopping around for the best mortgage rates in South Florida, Pacific Lending Group can help. Our years of experience and excellence ensure that you never make a wrong decision regarding your home mortgage. Our mortgage professionals can guide you through the process, so you never have to second-guess yourself. Call us today at 954-227-4727 to schedule an appointment and get started with your home mortgage process.

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5 Things to Know Before Purchasing Your First Home

Buying your first home in South Florida can be a meaningful time in your life. Not everyone reaches the point where they can afford a home, and when you’re finally at that point, you want everything to be perfect. However, a lot goes into buying a home, and you must ensure that you know all aspects before you begin buying one. Here are five things you should know before you start looking at homes to potentially buy:

Your Budget

Before looking at homes in your area or another town, you need to know what budget you can work with. Regarding your budget, it’s not the money you have in your bank account currently but all the money you would be able to invest in your home in the future too.

You might want to think about getting a loan or looking for a home mortgage to go along with your property purchase. You need to think about several aspects before looking at homes. Once you have settled on a budget, you can narrow down your search for homes using that budget as a starting point.

Mortgage Rates in Your Area

South Florida has varying mortgage rates, depending on which mortgage provider you’re approaching. You can find a provider available throughout the area, so you can work with one lender no matter where you’re looking to buy your home.

When you know your mortgage rates, you can plan better and find homes that fit the bill and your budget too. Mortgage rates will also ensure you know how much you will be paying in the future for your home.

Timeline for Possession

Once you are in the process of discussing the purchase of a home, you need to know what the exact timeline would be. Sometimes, the seller will need additional time to move out of the home or might want to rent it from you for a while. In these cases, you must know when you can move in.

From the time you put a down payment on the home, the process of purchasing the property officially starts. Ensure you know when you can move into the property before you start the process.

Land Record and Location

While South Florida is one of the most earthquake-free zones in the world, it doesn’t mean you don’t check the land your home was built on. Wildfires, tropical storms, and hurricanes can happen in the area, and you want to ensure that you know what you will be exposed to.
Once you know the location and the land record, you can also get started on disaster insurance for your property if required.

Hidden Charges

You will need to be reading all documents relating to the purchase of the property in detail to ensure that you’re not paying any hidden fees. You might need to pay estate charges or processing fees that you were unaware of. Ensure you’re reading everything, including the fine print, to save yourself from unnecessary expenses.

Looking to Finance Your Home? We Can Help

When you’re looking for a mortgage to help you buy your first home, Pacific Lending Group can help. You need to know your options as a first-time buyer and what you should be watching out for. Our experts can help you be more financially prepared to buy your first home without any hassles. Contact us at 954-227-4727 to get started on your home mortgage process with us.

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Factors That Matter When Refinancing Your Mortgage

Before deciding to refinance the mortgage on your home, you must take into consideration several factors. Failing to do so may result in a higher monthly payment than you want or even lead to paying PMI after refinancing.

The following information will explain what those factors are and how they can affect your refinancing experience.

Choosing the Right Lender

An important factor to consider when refinancing your mortgage is who will process your loan. Many lenders are floating around, but only a few of them will care about their customers and give them loans they can afford.
You should always shop around, compare interest rates and loan terms before going with a specific lender.

Interest Rates

One of the most critical factors when refinancing your home mortgage is the interest rate. This can have an extreme impact on how much you pay back every month. If you choose to refinance your mortgage, it is important to ensure that the interest rate after refinancing is at least half a percent lower than before refinancing. Failing to do so may lead to paying more per month than you originally planned.

Check for Hidden Fees

Before applying for any mortgage, you must check for hidden fees. This will ensure that you are not surprised by any costs or added interest during the time after refinancing your home. Many lenders try to charge customers fees to get them into a loan they cannot afford. Make sure these fees are reasonable before signing any contracts.

Home Equity

The amount of equity you have in your home can also affect how much you pay back per month after refinancing. Lenders will consider the current appraised value of your home when offering a new loan, but they will probably allow for higher payments if there is potential room to increase the price of your house. For example, if your house is worth $100,000 and you owe $80,000 to the bank, they may allow for higher monthly payments than they would if all of that money was already paid off. Also, if a home equity or is too low, refinancing your mortgage will probably be very difficult.

Your Credit Score

Your FICO credit score is the most critical factor when trying to refinance your home. If you have high credit, refinancing will probably be easier for you than poor credit.

Before choosing which lender to go with, your chosen loan officer will check your latest credit report to determine the best loan option for you. If they do not, it may be time to start shopping around for a new lender since your credit score is very important to them.

Choose Pacific Lending Group to Refinance Mortgage in Florida

Looking to refinance your home? Call Pacific Lending Group. They have worked with thousands of customers to help them secure loan options they can afford. If you would like to learn more about their services, including available interest rates for refinancing, feel free to give them a call today at 954-227-4727