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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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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.

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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