mortgage-loan
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Don’t Slow Down Your Mortgage Loan Application Process

The real estate market is pretty complicated, and it requires plenty of effort and cash. If you want a dream house, you’ll need help from a trusted mortgage loan company, as the process of applying for and acquiring mortgage loans in South Florida can sometimes be overwhelming. With so many requirements and time constraints, you’ll need to know factors that could further slow down the process so that you can avoid them. Let’s dive into four factors and how you can avoid them when applying for a mortgage loan.

1. Lender’s Readiness

Before applying for a home mortgage, check the service time of the lender to be sure that they can handle your mortgage application in the timeframe you want.

2. Personal Circumstances

The process will flow if you are employed, have a good down payment, and do not have too many outgoings. On the other hand, if your situation is complex – for instance, you just got hired or have bad credit, the process will take longer. Clearly, more documents mean a slower process and more delay in the length of time that the offer would take.

3. Lacking Necessary Documents

Documentation plays a massive role in today’s mortgage world to fast-track your loan application process. Doing otherwise can make the process slower and longer.

Many South Florida mortgage underwriters are critical with documentation and would refuse to accept incomplete documents. Therefore, you are responsible for providing all the necessary documents if you want a faster mortgage application process.

4. Not Using a Mortgage Broker or Advisor

We can’t overemphasize this point. You need the right advice and recommendations on your way to getting a mortgage loan. Mortgage brokers will do everything to make the process faster. Brokers can also help you take the right steps of negotiating successfully.

Pacific Lending Group

A few factors to look at if you want to fast-track your mortgage application. The whole process of buying a home can already be overwhelming and exhausting. Pacific Lending Group can offer you all the advice you’ll need to get your mortgage application underway. Contact us today to learn more at 954-227-4727

Pacific Lending Group Inc. No Comments

Home Buying Florida and Mortgage Loans

Purchasing a home is an important decision and a milestone in your life to achieve. Knowing the steps to take during this process can be overwhelming, as you are committing to a hefty financial commitment, so knowing where to begin and how to complete this journey makes all the difference.

Home buying can be stressful, but having a lender that you can trust makes your journey a lot easier and more enjoyable. Pacific Lending Group has been helping Florida residents for the last several years, and we make it a point to help guide you on your way to homeownership. Our trusted staff and many resources can easily help you on your way.

First-Time Home Buying

It can be overwhelming to understand all the mortgage options that are out there. Pacific Lending Group makes the pre-qualification process easy and stress-free, with no added cost to you. We have highly competitive rates and make the journey of home buying one that will result in a wonderfully happy ending. Choosing your first home can feel overwhelming and stressful.

Some factors come into play for each family searching the market. Size and price are two main components for choosing the home that will best suit your family. When buying your first home, features, floor plans, and location are also important things to think about. We help Southern Floridians get set up for success when buying the home of their dreams. There are tips and tricks to ensure that you find the home that is best for you. Pacific

Lending Group has professionals ready to get you on the right path and help carry some of the stress that comes with buying a new home. First-time buyers often rush into choosing a home, but taking your time and finding the right location, floorplan, and style is important. Taking a steady pace will ease your mind and give you time to acquire the home that best fits your family.

Let Pacific Lending Group help you with all of your lending and mortgage needs. Buying a home for the first time can be scary and seem daunting, but knowing the proper information to get on the right path will make all the difference. Explore your home mortgage options with us and get started on the path to homeownership. Call today at 954-227-4727

Pacific Lending Group Inc. No Comments

Difference Between 15-Year Vs. 30-Year Fixed Loans

When you take out a mortgage, options are to choose between fixed-rate mortgages and adjustable-rate mortgages. Fixed-rate mortgages interest stays the same for the entire life of your loan. In contrast, adjustable-rate mortgages have interest rates that change according to external market conditions.

Virtually all home loans are “fixed rate,” but they can be either short- or long-term loans. If you’re planning to buy a property, refinance your current mortgage, or consolidate debt, knowing the difference between 15-year fixed vs. 30-year fixed loans can help you make an informed decision.

Key differences between these two mortgages:

Length of the Repayment Period

Your monthly repayments will be higher than with a 30-year loan, but you’ll pay less total interest throughout the loan. This means you’ll own your home sooner and can potentially make a much larger payment towards equity, as the interest will build up over a shorter time.
A 15-year loan is often referred to as a “half-a-loan” because you’ll make half the number of payments you would with a 30-year loan.

Interest Rates
The interest rate on a 30-year fixed mortgage is always lower than that on a 15-year fixed mortgage. That’s because a borrower who opts for a 30-year term commits to paying the loan off in half the time so that they can expect a lower interest rate as compensation for the increased risk of such a long-term loan.

The interest rate on a 15-year fixed mortgage, by contrast, is generally higher than that charged on a 30-year fixed mortgage. That’s because the shorter term makes it less risky for lenders, so they are willing to charge a higher interest rate.

Mortgage Insurance
If you take out a 30-year fixed mortgage, your monthly repayments will be lower than an equivalent 15-year fixed mortgage. That means you’ll have more money available each month to pay your property taxes and insurance premiums at the start of your mortgage term, which will significantly reduce the amount of mortgage insurance you’ll need to pay.
However, this comes at a cost: Longer-term mortgages are riskier for lenders, requiring mortgage insurance. Your mortgage payments will include monthly MIP premiums, also called private mortgage insurance or PMI.

Why Bother With 15-Year Fixed vs. 30-Year Fixed?
As you can see, fixing the interest rate on a home loan for longer-term will result in a lower monthly repayment. This can be of major benefit to many borrowers.

One significant advantage is that you can afford a larger home by stretching out the loan term and still keeping your monthly repayments low enough to manage.

The biggest benefit of a 15-year fixed mortgage for many borrowers is that your monthly repayments will be lower than if you took out a 30-year fixed loan.

Banks typically require you to pay higher MIP premiums when you don’t have much to put down as a down payment or if your credit history is marred. A 15-year term allows you to put off paying higher premiums in the short term, even though your monthly premiums will be larger in the long term.

Contact Pacific Lending Group to Make the Right Choice

Pacific Lending Group has an extensive track record delivering competitive interest rates for 15-year and 30-year fixed loans to all credit profiles. Contact us today at 954-227-4727