West Palm Beach Mortgage

There are some amazing pieces of real estate to choose from in the West Palm Beach area. And with low rates, you should be able to obtain a pretty amazing mortgage.

Just make sure you know what you are looking for, you ask lots of questions when you talk to potential lenders, and you are comparing apples to apples when it comes to lender fees and costs.

Lenders are not all the same…and neither are their fees.

Whether you choose to obtain your West Palm Beach mortgage from a mortgage broker, a bank or a savings & loan, your first priority should be to find a good fit with your needs.

Do shop around. Interview several lenders before you make your choice. Most experts agree it is not a good idea to go with the first lender you talk to. (That first lender may end up being your choice, but at least talk with several.)

Your ideal lender will work very hard to get you the best overall loan deal possible. That does not mean just the lowest rate. You are looking for rate and terms and fees and service.

The lender you choose should want you to be an informed and inquisitive borrower. No question is stupid or unnecessary. If you feel your questions and concerns are not being addressed, move on. There are a number of lenders who will be happy to have your business.

Ask lenders to put all their fees in writing so you can compare Bank A with Broker B. Be sure they include fees that you will have to pay to someone else – the title company, an attorney, etc. Make sure you get actual fees; you should
not have to settle for “estimates” that could rise substantially by closing time.

How willing is your lender to work with you to cut fees, finance without a down payment and avoid or reduce closing costs?

To get you started, we can recommend a couple of lenders you can talk with. We know these folks and can assure you they will be happy to answer all your questions. We can’t tell you if they will have the best loan package for you, but it is worth having a conversation.

Pre-approval is your objective

When you do select a lender, you will want to get pre-approved for a specific loan amount. Being pre-qualified only means you can afford to take on a mortgage; it does not give you a loan. Before you make an offer on that perfect West Palm Beach house or condo, you want a written loan guarantee, spelling out the amount the lender will give you.

Also make sure you get a locked-in rate. Real estate experts generally agree that it is seldom in your interest to wait to lock in.

Today, there are many ways to finance your mortgage. Some lenders will even loan you more than 100% so down payment costs and closing costs can be part of the loan.

Take your time, do your homework and select a lending partner who can help make your West Palm Beach home buying experience a good one.