- September 16, 2017
- Posted by: steve
- Category: mortgage rates
Thinking about buying property in Palm Beach Gardens? Here are some great resources to help you find the current mortgage rates there.
After being hit hard by the recession, Florida’s housing markets are now considered some of the healthiest in the country. With home values on the rise, it’s a great time to buy property in Palm Beach Gardens.
Before making a purchase, however, it’s important to do the necessary research. This will ensure that you get the best possible interest rates.
If you are looking a buying a new home or income property in the Palm Beach area, here are some resources to help you find the best rates.
In the aftermath of the Great Recession, many people, especially young people, are still apprehensive about purchasing a home. Home ownership involves a lot of responsibility and has the added expenses of taxes, insurance, and interest.
But it’s important to see your mortgage payment as more than just another bill. Instead, you can look at it as a form of savings.
When you pay your mortgage, you are building equity in your home. As your home gains value, it will become an even more valuable asset.
Weigh Your Options
Few people would purchase a home without considering multiple options first. But many buyers make the mistake of only working with a single bank when shopping for a mortgage.
To get the best rate on your mortgage, it’s important to work with experts who have relationships with multiple lenders. This way, you will be sure to get the best rate available in your area.
Lock in Your Rate
When you are ready to start looking for a home, take some time every day to look at the current interest rates. After a few weeks, you will get an idea of how the rates in your area are trending.
If you notice that the rates are starting to trend up, you might want to lock in the current rate before it gets higher. Or, if the rates suddenly dip down, you might want to do the same.
Typically, you can sign a rate lock contract that will lock in current interest rates for 30 days. This way, you can take a month to find the perfect property while not losing out on the low rates.
Refinance Your Current Rate
Even if you already own a property in Palm Beach Gardens, that doesn’t mean that you can’t take advantage of today’s low rates. You can always consider refinancing your current loan at today’s interest rates.
If you refinance at a lower interest rate, this will result in a lower monthly payment. Also, you’ll likely be able to pay off your loan faster and pay a lower total amount on your property.
Also, keep in mind that interest rates are typically lower for 15-year loans than 30-year loans. So, if your current mortgage is for 30 years, you could get an even lower rate by refinancing for a 15-year loan.
Getting a Great Deal in Palm Beach Gardens
If you want to take advantage of the housing market and interest rates in Palm Beach Gardens, contact us. Our experts will work with you to find the best mortgage for your needs.