West Palm Beach, Florida, also known as WPB or West Palm to locals, is a city originally colonized in the late 1800s by servants who worked in the big hotels in Palm Beach. As of 2006, the University of Florida estimates that nearly 250,000 people live in the region.
By all accounts, West Palm Beach is a fantastic place to live and raise a family. But of course to do that, you need a home. This is a quick look at the types of home loans you can get if West Palm Beach is to be your next stop.
The first step - Do you go and find your dream home, put in a bid, only to discover you’re not approved? No, of course not. Before you even begin looking at houses, you should go to your lender and see what your options are. Should you get a fixed rate mortgage or an adjustable rate mortgage? Should you get pre-approved or gamble and roll the dice? These are all good questions that need to be answered before you begin shopping for a house. Following is a layperson’s lesson in the pros and cons of your basic options.
PRE-APPROVED LOANS
Pre-approval is advantageous to both the seller and the buyer. If you go in to make a bid on your dream home and the seller accepts your bid, pre-approval virtually guarantees you’ve got the house. Without pre-approval, you could be shocked at closing. You could be in the middle of signing the paperwork only to discover at the last minute that your loan did not go through. This is not only a waste of time for you, but the seller as well.
WHAT TYPE OF LOAN SHOULD YOU GET?
Before you make the decision though to get pre-approved, you need to know what kind of loan works best with your situation. Are you the type of person who stays in one place for a long time or do you get restless and move every 5-to-10 years? Have you had the same job and virtually the same paycheck for years or does your income fluctuate drastically? These are questions that need to be answered because there are loans specifically designed for you.
In addition to the fixed rate and adjustable rate mortgages, there are a myriad of other choices. There are loans for the veterans, loans for the first-time home buyer and loans for the single parent. Before you even begin to look for your new home, check with your lender and make sure you are aware of all of your options.
Loans available for the existing homeowner
There are loans available for the existing homeowner as well. A mortgage refinance loan helps with lowering your existing house payment and is available under both the fixed rate and adjustable rate umbrellas. You basically go back to your lender and take out another loan to pay off your existing mortgage. You then begin paying on your new mortgage with a new term, a new interest rate and, sometimes, a new lender.
Or you may just need to pay off unexpected debt or your children’s college education. Or maybe you just want to go on that extended vacation you’ve always dreamed about. Then a home equity loan is an option you should consider looking into. You can take out the loan in one lump sum or spread it out over a period of time. Either way, you only pay interest on the amount you’ve borrowed.
Whether you’re looking for a West Palm Beach mortgage, refinance, or home equity loan, we can help. Take a moment to fill out the form below, and a qualified lender will contact you right away.
