A Look at Five Kinds of Mortgages Available in Delray Beach, FL

 

Ace Mortgage Loan Corporation is a mortgage company in Coral Springs that is determined to help homeowners in Delray Beach and Delray Beach get the home loans they need to be able to buy the houses they want. The home financing experts at Ace Mortgage Loan Corporation like to educate their clients on all the options they have available to them when it comes to financing their home. They go over all the different kinds of mortgages available and then determine which mortgage fits best with their lifestyle.

Here is a quick review on the 5 kinds of mortgages available in Delray Beach, FL:

  1. Fixed-Rate Mortgage – With this kind of mortgage, your interest rate remains the same all throughout the lifespan of the loan. This loan can be selected for a period of 10, 15, 30, or even 50 years. No matter how long the period you choose, your interest rate will stay the same. This is one of the most popular mortgages homeowners get.
  2. Adjustable-Rate Mortgage – This loan is commonly called ARM for short, or variable-rate mortgages. With this mortgage, the monthly payments are adjusted at certain intervals and they are based on the interest rate and the market trends. This kind of mortgage offers a lower initial interest rate. Again, the interest rates fluctuate time after time. If you decide to get this mortgage option, make sure you can afford it even if it rises unexpectedly.
  3. Interest-Only Mortgage – This specific mortgage option consists of monthly payments only towards the interest. The interest rate can be either fixed or adjustable. With the Interest-Only Mortgage option, you can only select a 5-year period or a 10-year period. Refinancing a home is possible later on with this kind of mortgage.
  4. FHA Loan – FHA stands for Federal Housing Administration. FHA loans are given by the government. Homeowners need to qualify for the FHA loan. If they don’t qualify for it, they can get another type of home loan with a low down payment. First-time homeowners find this kind of loan ideal.
  5. VA Loan – VA stands for Veteran Affairs. This is a government loan that is given to veteran and spouses of deceased veterans. The veterans must have served in the U.S. Armed Services. The requirements vary. The main thing about this type of home loan is that the borrower doesn’t have to make a down payment.

Some of the other kinds of mortgages that Ace Mortgage Loan Corporation can give you more information about are Reverse Mortgages, Balloon Mortgages, One-Year Adjustable Rate Mortgages, Fannie Mae & Freddie Mac loans, and HARP loans. The truth of the matter is that not all mortgage companies are equal. Ace Mortgage Loan Corporation is one of the few mortgage companies that offer their clients all the time, effort, research, and education that is needed for them to fully understand how the mortgage market works. The mortgage brokers at Ace Mortgage Loan Corporation invest in all of their clients. If you would like more information on how you can obtain a home loan in Delray Beach, Call Ace Mortgage Loan Corporation at (954) 777-4774 today.

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