Palm Beach Relocation Guide

SPR-SUM 2016

The Palm Beach Relocation Guide is Palm Beach County's most respected relocation publication and is a MUST for anyone considering visiting, moving to, living in, or just wants to learn more about the Palm Beaches.

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you must consider current loan interest rates. Generally, the lower the interest rate, the more expensive a home you can afford to purchase. Also keep in mind that you don't have to take out the highest loan that you qualify for. For a general estimate of what type of home you can afford by going to www. ginniemae.gov. You'll be asked to answer a few questions and then the calculator will provide a general estimate of the maximum sale price you may qualify for under the Federal Housing Admin- istration (FHA), Veterans Association (VA) and conventional loans. This tool also estimates your down payment, closing costs, total cash required at closing, monthly mortgage payment, other monthly housing costs and your remaining monthly income. Keep in mind that these are only estimates. See a lender for more details. HIRE SOMEONE TO HELP The details involved in buying a home, particularly the financial ones, can be mindboggling. The entire process can be made easier by finding a good real estate professional who can guide you through the entire process. Choose a real estate broker who is well acquainted with your needs and wants for your new home. Make sure they are familiar with the neighborhood you are considering, the quality of schools, safety of the area, traffic volume, and so on. A good Realtor ® will save you hours of time and might have inside tips on houses that are fresh on the market. Realtors ® can also provide advice and tips when it comes time to make an offer on a home. DO YOU NEED A CPA? Sometimes it can be a good idea to hire a licensed certified public accountant (CPA). CPAs can provide you with profes- sional advice on personal finances and other matters, including how to adjust your finances to help you meet your personal goals, such as buying a house and other financial and legal needs. CPAs can also help you with tax prepara- tion and auditing services, and help you develop an effective accounting system for your personal and household needs. Other services provided by CPAs include advice about how your financial situation will change based on life changes such as marriage or divorce, retirement, college, and more. CPAs will give you useful advice and tips that you might not learn about any other way. The most important factor of choosing a CPA is that you trust them with your personal financial information. Make sure that your CPA has the proper level of expe- rience and training, and don't forget that you can ask for references. For additional information or to find a CPA, contact the Florida Institute of CPAs (FICPA) at 800-342-3197 or view its website at www. ficpa.org. BANKING IN PALM BEACH COUNTY The Palm Beach area offers many banking options to suit your needs. In addition to a few local banks, most major banks have branches in the Palm Beach area as well. Banks in the area include PNC Bank, TD Bank, First Bank of the Palm Beaches, Chase Bank, Bank of America, Floridian Community Bank and Wells Fargo. Credit unions are popular in the South- east region. Credit unions provide many of the same services as banks, including home loans, but they are not-for-profit, and they are cooperatives, so instead of seeking to profit, credit unions are driven by their members—those who bank with them. Credit unions focus on serving their members by typically offering better interest rates on loans and savings accounts and lower fees for other services. Just a few of the many local credit unions in the area are: Trop- ical Financial Credit Union, Gold Coast Federal Credit Union, First Choice Credit Union, PBC Credit Union, Town of Palm Beach Federal Credit Union, and BrightStar Credit Union. You can save time if you have the following items with you when you visit your lender. Depending on your lender, you may be asked for other information. 1. Social Security numbers for both you and your spouse, if both of you are applying for the loan. 2. Copies of your checking and savings account statements for the past six months. 3. Evidence of any other assets such as bonds or stocks. 4. A recent paycheck stub detailing your earnings. 5. A list of all credit card accounts and the approx- imate monthly amounts owed on each. 6. A list of account numbers and balances due on outstanding loans, such as car loans. 7. Copies of your last two years of income tax statements. 8. The name and address of someone who can verify your employment. APPLYING FOR A MORTGAGE What You Need To Know 126 P A L M B E A C H R E L O C A T I O N G U I D E – S P R I N G | S U M M E R 2 0 1 6

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