Must-know tips & tricks for getting the most out of your mortgage in Martin & St. Lucie Counties! 

If you are planning to get a mortgage on the Treasure Coast, this article will address some tips to ensure the entire loan starts and ends smoothly. It is geared at anyone holding a mortgage, or getting pre-approved for a mortgage in Martin County or St. Lucie County.

1. Plan Your 30-Year Mortgage Like It's a 15-Year

As most people know, interest rates are much better for buyers financing a 15-year mortgage than a 30-year mortgage. Many people, however, don't want to commit to 15-year terms and still want to benefit from the pros associated with the shorter loan. If you are buying a Treasure Coast home, get cost savings by simply paying off your loan faster. One end of the spectrum, doubling your monthly payment, will allow you to pay off the loan before 15 years. Alternatively, you can simply pay a few thousand dollars towards your loan principal whenever you come into cash and that will save you a multiple of the amount in interest and years on the loan.  

2. Put a Stop to Private Mortgage Insurance

If you're getting a mortgage on the Treasure Coast, the best way to avoid PMI is to simply put down 20% or higher. Additionally, if you put money into remodeling your home, or if home values have increased, after purchasing, you may be able to knock off PMI by getting a new appraisal through your bank and showing your mortgage is 80% or less of the current value.

3. Pay Your Mortgage Bi-Weekly

Save money on interest by paying your mortgage every two weeks. If you buy a $200,000 home on a 30-year mortgage, paying biweekly would save you over $20,000 assuming a 4% interest rate. This is not paying any more in principal during that time! This tends to work better for home buyers that want to put more money towards their loan but want a schedule to hold them accountable. You can add $50-$100 to a payment to further-increase the amount you will benefit.

4. Check Your Credit Report for Errors

Before looking at homes for sale on the Treasure Coast, or contacting your lender, get a free credit report and ensure there aren't any mistakes. You would be surprised how many times things like this can happen and how easy it can be to rectify these issues by simply contacting the credit bureaus.

5. Know Local Loan Programs

Many buyers qualify for loan programs that will allow them to avoid needing a down payment, get state or federal grants towards closing costs, and lower interest rates based on other factors. Many won't find out because they do not talk to the right lenders and/or get multiple opinions for their mortgage. If you are looking to buy Treasure Coast real estate, and get pre-approved beforehand, contact us to get hooked up with the best mortgage lenders on the Treasure Coast!