Pacific Lending Group Inc. No Comments

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.

the mortgage process
Pacific Lending Group Inc. No Comments

What is the Mortgage Process, and How to Get One?

When you are purchasing a new home, there are several steps that you must follow before closing. While it may appear quite complicated and daunting to get a mortgage, a basic understanding of the overall process can make it easier. Following is a walk-through and tips regarding the mortgage process to get you started: Read more

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

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

mortgage-loan
Pacific Lending Group Inc. No Comments

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