What to Consider When Shopping For the Best Mortgage in Ponte Vedra Beach

by | Apr 30, 2021 | Investment Bank


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When you’re ready to buy a house, one of the first steps is to figure out how much you can afford to spend on a property. Your quest for mortgage funding should involve shopping around for the best 30 Year fixed mortgage rates in Ponte Vedra Beach. When you find lenders whose conditions you meet, take the following factors into account before choosing one.

Fixed or Adjustable Rate?

A fixed-rate mortgage will stay the same throughout the life of the loan, which means you’ll pay the same interest whether rates rise or fall. An adjustable rate starts out with a temporary fixed rate that can last anywhere between one to 10 years. However, after that period expires, the rate will rise and fall along according to the market. While this means you could pay lower interest, it also means you may end up paying substantially higher interest.

Should You Pay Points?

When you pay points on your mortgage, you’re paying an upfront fee to reduce your monthly payments. Each point is 1% of the value of your loan, so you’ll be paying thousands upfront to save hundreds each month. You’ll have to decide for yourself if this is something you want to do.

Seek Out Government Assistance Programs

There are plenty of assistance programs offered by the government to help you get an even better deal on 30 Year fixed mortgage rates in Ponte Vedra Beach. Many of them work by offering the option of putting down a smaller down payment, but keep in mind that usually means paying more interest. Look into the terms of any assistance program carefully before committing to anything.

When you want to save money on your mortgage, learn how The Mortgage Lady Team – Fairway Independent Mortgage Corp can help you by visiting https://themortgageladyteamfairway.com.

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