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What You Should Know About Mortgage Refinancing

Buying a home involves various financial obligations, and you may have taken out a mortgage to help pay for your home. However, with fluctuating interest rates and an unstable financial outlook, you might be looking to adjust your current home mortgage with one that is more flexible to your requirements.
Refinance mortgage is an ideal option for many homeowners, whether they’re looking to free up some money or want to shift from an adjustable rate to a fixed rate. Here is what you should know about mortgage refinancing before you get started:

What is Mortgage Refinancing?

Mortgage refinancing is when you get a new home loan to replace the existing mortgage on your property. It may be due to various reasons, like you might be getting a lower interest rate than what you’re paying for your current mortgage, thereby saving money.
While mortgage refinancing can sound complicated, it is quite simple to get started if you’re working with a trustworthy home mortgage company.

When Should You Get One?

Several reasons may prompt you to get mortgage refinancing, and these include:
If you’re getting a lower interest rate on your new home mortgage

If you want to shift from a fixed-rate mortgage to an adjustable-rate mortgage, and vice versa
When you want to shorten the repayment period of your mortgage, or conversely, you are looking for a 30-year mortgage plan to replace your existing 15-year mortgage.

If you’re looking to consolidate your debt or have a sudden financial emergency
Depending on your current financial situation, refinancing may not be the best option for you. It can cost anywhere between 3% to 6% of your loan’s principal amount and has separate application fees.

How to Start

If you’re considering refinancing your home mortgage, you should have a clear reason for doing so. Whether it is to save money or extend your repayment period, you need to be clear. You will need to check your credit score and history to ensure that you can get good rates for your refinancing.
When you don’t have a good credit score but are refinancing to get lower interest rates, it might be worthwhile building your credit score for a few months first. You will also need to determine your existing home equity. When you have more equity on your home, the lender will determine your refinancing is less risky, which can make it more favorable for them.

Working With the Right Experts

Ensuring that you get the best refinancing plan for your home is essential, and you will need to look for a good and experienced mortgage refinancing business in South Florida. It’s best to discuss with your lender the possible options, so you can lock in your rate before it goes up.

Looking for Reliable Mortgage Refinancing? We Can Help

When you’re in South Florida looking for the best mortgage refinancing plan for your needs, Pacific Lending Group is here to help. Our business has maintained an A+ rating from the Better Business Bureau for years, which shows our commitment to our customers and our dedication to serving your needs. Refinancing doesn’t need to be a stressful experience, and we can simplify it for you with the help of our experts. Call us at (954) 227-4727 to schedule an appointment.

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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

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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

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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