Financial experts recommend opting for a home mortgage plan even if you have the financial ability to make the entire cash payment. A mortgage plan provides additional protection to the real estate transaction since banks, title companies, and other authorities also become part of the process. Read more
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
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.
Advantages of Going from Renting to Buying a Home
Your home is not just a structure with four walls and one roof. It instills a wide range of thoughts and emotions in the residents that cannot be found in rented homes. Furthermore, you have long term financial and safety benefits if you male a smart home investment. Let’s take a look at other advantages. Read more
When Do You Know It’s Right to Refinance Your Home?
Refinancing a home mortgage loan is an important decision that can save you thousands of dollars in interest and reduce your monthly expenses. However, it is a significant undertaking and should only be done when the benefits outweigh the costs.
You’ll pay off your current mortgage and take a new one with refinancing. This is not something you should do lightly because it can lead to missed payments, damaging your credit score.
Let’s find when is the right time to refinance the mortgage on your home:
When You Can Obtain a Lower Interest Rate
The amount of time it will take you to recoup the refinancing costs is heavily dependent on the interest rate, so when you see your rates are trending downward or about to fall, that can indicate that it’s time to refinance.
However, the process of refinancing can be a lengthy one, so you should only consider it when rates are going to go down.
When You Need to Reduce Monthly Payments
Your home is the biggest asset you own. It should come as no surprise that refinancing to a loan with a lower rate and/or better terms will reduce your monthly payment.
When refinancing, you can often get a longer-term or a lower rate, or both. If you are interested in lowering your monthly payment, refinancing can benefit you.
When You Want a Better Mortgage
While refinancing can help you reduce your monthly payment, it may not result in a better deal. If the rates and fees associated with your loan are too high for you, refinancing could provide a better option.
When you take out a refinance loan, the total cost will be higher than your current loan. However, the amount you spend on interest and fees should be smaller, resulting in a lower monthly payment and/or a better loan term.
When You Need to Consolidate Debt
Refinancing can be a great way to consolidate debt. You may want to refinance the mortgage if you have other debts, such as credit card debt or an auto loan.
By consolidating all of your debt into one loan, you will save some money since you won’t be paying any fees for multiple accounts. Low-interest rates can be challenging to find, but refinancing can make it happen.
If you use your home to consolidate your debt, you need to be sure that the loan will help you pay off your other debts faster.
If You Want to Take Out or Receive Cash
While refinancing your home is generally not used to take out cash, it can be something that you use to provide some quick cash for a purchase.
If you go through some of your equity when refinancing, you can get the money you need to cover an emergency or another financial need.
Call Pacific Lending Group for the Right Advice!
If you are ready to refinance your property, you must make the right decision. Pacific Lending Group holds extensive experience in refinancing loans and is happy to help you with your decisions.
Call our specialists at 954-227-4727 or visit us online to learn more.