Reasons to Refinance Your Current Home

There are a variety of reasons why homeowners want to refinance their current mortgage.  Mortgage rates are still low in the current market, and one reason to refinance would be to obtain a lower interest rate over the course of the loan and lower your monthly payment.  Maybe you are hoping to cash out some of your home's equity by doing a refinance? Your house needs updating or you need help paying for your daughter/son's college tuition, or what if you just want extra cash to take that vacation of your dreams? With this in mind you will want to get a loan that is above the remaining balance of your current mortgage. This doesn't necessarily mean; however, that your monthly payments will go up.  If you refinance at a lower interest rate than you have now, you may be able to take out money and still have a lower monthly payment.  Another reason you may want to consider refinancing is to consolidate some of the other debt you might have built up with higher interest rates (ie. credit cards, vehicle loan).  Refinancing is an option if you have enough equity in your home. Finally, some borrowers are looking to pay off their mortgages over a shorter period of time while building up their equity at a more rapid pace.  Going from a 30 year loan to a 15 year loan might help you achieve this goal.  To help you understand all of your refinancing options, contact Joe Costa at San Diego's Park Place Financial Group.  www.parkplacefg.

Why Should a Borrower Go with a Boutique Mortgage Company?

The mortgage industry, along with most industries today, is highly competitive.  As a borrower it is often dificult to know which mortgage company or lending institution to go with when applying for a home loan.  San Diego's Park Place Financial Group is a boutique mortgage company that prides itself with hands on service.  Joe Costa, broker and owner, states that "it is essential to build long lasting relationships with our clients.  This begins with building a solid foundation from the beginning with our borrowers.  At Park Place Financial Group we are available at all times any day during the week to answer any of our clients questions or help walk them through any part of the loan process."

The Importance of Dealing with a Mortgage Professional Prior to Looking for a New Home

It is extremely important in today's market to speak to a  mortgage professional before you even begin your search for a new home.  Getting a loan to purchase your new home can be a very complicated process especially with time frames that are put into place by real estate contracts.  By consulting a professional prior to your search you will have a much clearer idea of all of the details going through the application process entails.  Do you  know how important your down payment, FICO score, and employment history are to obtaining the right loan? Do you know that you should not buy a car, change or quit your current job, or use your credit cards excessively when you are going through the loan approval process?  Joe Costa, a San Diego mortgage professional from Park Place Financial Group can help you start the process by prequalifying or preapproving you before you begin your home search.  When you do find the perfect home and are ready to make an offer, you will have more leverage by being preapproved and having already consulted  a mortgage professsional.

Getting a Low Interest Rate

When you are offered a "rate lock" from your lender, it means that you are guaranteed to keep a specific interest rate over a determined period while you are working on your application process. This means that your interest rate will not get any higher while you are working through this application phase. Rate locks can vary in length, between 15-60 days, with the longer time periods usually costing more. You can get a longer period for your rate lock, but in making this choice, you will probably have a higher interest rate than you would have with a shorter rate lock period.

In addition to going with a shorter rate lock period, there are several ways that you can attain the best mortgage interest rate. The bigger downpayment you pay, the better your rate will be, since you will have more equity from the beginning. A borrower can opt to pay points to improve an interest rate for the term of the loan, which means you will have to pay more initially.  Joe Costa from San Diego's Park Place Financial Group educates his clients on this strategy and is a good option for certain borrowers to pay points up front to improve the interest rate over the life of the loan. You will pay more initally but you will come out ahead in the end.  

Determine How Much You Can Borrow

A couple of factors determine the amount you can borrow when purchasing a home.  What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our Park Place Financial Group website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.  Call San Diego's premier mortgage professional Joe Costa at (646) 245-7856 or apply online at www.parkplacefg.com.

Park Place Foundation Group Pays It Forward in New York City

Joe Costa, San Diego, California's residential mortgage professional, took his foundation Park Place Foundation Group from west to east and enjoyed Paying It Forward in New York City. "I strive to teach my children the importance of helping people that are in need. I have been very fortunate to have my own successful mortgage company.  I have always loved helping people to purchase new homes or save money by refinancing their current homes, so to be able to create a charitable foundation and help people that are less fortunate than myself is truly a gift that I can give to my children."  For more information on how to help or donate please contact Joe Costa at joe@parkplacefg.com or (646) 245-7856.