7 Things to Consider Before You Get a Home Mortgage

Are you looking for your #homesweethome in the Palm Beach area and need knowledge on home mortgages? If so, you’re in the right place! While we aren’t a lender and can’t sell you a home loan, our team has worked with hundreds of home buyers in the Jupiter and surrounding areas and know what to look for from experience!

Check out all the things you should consider before getting a home mortgage for your future house in Jupiter, Florida!


1. Check Your Credit Score

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In order to qualify for a home mortgage, your credit must be trustworthy. Banks risk a lot of money and will make sure you can handle the responsibility before pursuing that risk. Maintaining good credit is essential! Typically banks and lenders require a minimum score of 620, but criteria can vary. To check your credit here.


2. Your Home Purchase Price & Budget

Before jumping into the house hunt to find the perfect home in the Palm Beach area, you will need to establish a realistic budget and price range.

Mortgage lenders will validate your ability to repay a loan through a set of guidelines to ensure you are not borrowing too much. They will compare your mortgage payments and your income to guarantee you are able to pay it back. Find out what you can afford by running mortgage calculations. Mortgage calculator is a useful tool to help calculate your mortgage payments.


3. Predictable Mortgage Programs

If you plan on living in your house for 5 or more years, a 30-year fixed rate mortgage could be the best way to go. This type of mortgage is easy to understand and widely considered the most traditional. With a thirty year fixed rate mortgage, the interest rate is fixed and will not fluctuate based on changes in the economy, making the re-payment calculations simple, fixed, and predicable.


4. First-Time Home Buying Options

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If it is your first time buying a home, there is a chance that you may be able to obtain a special mortgage. These special mortgages can either be very beneficial or not, to help buy a home. Familiarize yourself with these programs through your lender and make sure you ask about what programs your lender offers.


5. Down Payment Options

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It is possible to get a mortgage that does not require a down payment or requires very little down. This scenario is especially great for first time home buyers because they usually do not have a large down payment available to pursue a mortgage loan. Calculate and learn more about down payments to know what is right for you. Lenders typically have an array of down-payment options from 0% down to 25% down, depending on the program.


6. Refinancing

Overtime there may be better mortgage opportunities for you. Lets say your rates have changed or you credit has grown positively. Refinancing your mortgage for the right intentions is a powerful change. Use a mortgage calculator to see how much you could save.


7. Don’t Forget About Closing Costs

One majorly overlooked expense when buying a house is that closing costs can end up being a decent chunk of money. Closing Costs are comprised of “pre-paids” and various expenses for purchasing the home.

Pre-paids are fees like homeowners insurance for the year, property taxes for the year, and homeowners insurance requirements.

Fixed closing costs are items like the title company’s charges to close your home loan, origination fees charged by your lender, courier fees, title insurance if required by your lender, and document tax stamps.

Check with your Meyer Lucas Team Real Estate Agent to verify what the local customs are for closing cost expectations in your area. Some areas require the buyer to pick up most of the items (Miami Dade County, Martin County, and Broward County), where other areas have the Seller picking up the tab on title items (Palm Beach County)


If you are thinking about buying a home in our area, the first step is to get pre-qualified for a mortgage (unless you are paying cash). For a recommendation on a lender that aligns with your lifestyle, budget, and home preferences, contact our team for more information to get the ball rolling!

hello@meyerlucas.com | 561-631-0920


ABOUT MEYER LUCAS REAL ESTATE

The Meyer Lucas Team at Compass is an award-winning, top-producing real estate team based in the Jupiter area of South Florida and led by Holly Meyer Lucas. Consistently ranked among the leading real estate teams in the state and nation, Holly and her team take pride in providing premium luxury real estate services to our local communities across the Palm Beaches and Treasure Coast. While Holly is known locally and recognized nationally for her work finding homes for Jupiter's professional athletes and their families, the Meyer Lucas Team treats every buyer and seller like a VIP. Whether you are buying a home, selling a home, or investing in real estate, contact our team today to get the ball rolling on your next move. Learn more about the Meyer Lucas Team at www.meyerlucas.com.