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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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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.

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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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How To Lower Your Mortgage Rate Without Refinancing

Mortgage interest rates have seen record lows for the better part of this year, thus encouraging a surge in mortgage refinancing. However, we must still acknowledge that not everyone wants to replace their current home loan. Borrowers often wonder whether there’s a possibility of lowering mortgage interest rates without necessarily refinancing. Yes, you can lower your mortgage interest rate without refinancing, although the options available may be very limited. If you are facing financial downtime, you may qualify for a mortgage rate reduction. But most times, you’ll either need to turn to a new route to cut your mortgage costs or work towards getting a refinance approval. Here, let’s review some steps that you could leverage to lower your mortgage rate without refinancing.

1. Simply Call and Request a Lower Mortgage Rate

This may not necessarily be a conventional step, but it has worked for many people. We’ve heard of several cases where folks obtain lower interest rates just by calling their mortgage lender and requesting one.

Of course, you’ll need to indicate during your call that you do not want to refinance with them; otherwise, they may take you towards that route. Perhaps, it won’t be as easy as you probably want, but sometimes it’s just a matter of being direct with your request if you want a lower mortgage interest rate.

2. Speak to an Expert To Help You Do a Rate Review

Another option that you could try is speaking to an expert about your chances. Most South Florida mortgage lenders would be ready to look at your situation and offer recommendations based on current trends. Here at Pacific Lending Group, we have experts that can walk you through the rate reduction process by conducting a rate review for you. You can leverage our lender review service to compare your interest rate to new customers’ rates. This service helps you to assess your likelihood of being eligible for lower mortgage rates.

3. Hire a Mortgage Broker to Help You Negotiate

If you would feel more comfortable leaving the negotiation to an expert, then do. Mortgage brokers would usually help to conduct a rate review and tell you your chances. They’ll also justify to your lender why you should get a lower rate. However, we recommend opting for a professional broker. The best way to know whether a mortgage broker can help you handle the job is by looking at their records. Check what past clients are saying about their services. Ask about their success rates and how they go about the process.

4. Look Into a Recast as An Alternative For Refinance

Loan recasts are not as popular as refinancing, but they can also lower the monthly payments on your mortgage. The only difference is that you’ll need to adjust the amortization schedule of your loan. One of the most significant benefits of choosing non-refinance options is that you won’t need to reset the clock on your mortgage.

Conclusion

That’s it, some practical steps to follow if you want to lower your mortgage rates without necessarily refinancing. It’s often not as difficult as you think, as long as you are willing to follow the right route. Contact the experts at Pacific Lending Group to learn more about the possibilities. Call 954-227-4727