How Do I Find a Trustworthy Home Mortgage Company in Boca Raton?

Once you’ve decided to apply for a home mortgage for a home you love in Boca Raton, there are a few steps that you’re going to have to go through to complete the process. First, you should call a home mortgage company like Ace Mortgage Loan Corp. to pre-qualify you. Unlike finding a realtor, who are a usually a dime a dozen, when it comes to finding the best home mortgage company in Boca Raton, it takes some research and to find the right one. When you hire a mortgage company in Boca Raton like Ace Mortgage Loan Corp., you will have hired a company with over 30 years of experience and a reputation that precedes us in many South Florida communities. At Ace Mortgage Loan Corp., we have a talented team of professional mortgage brokers who will assist you with all of your mortgage needs from start to finish.  

What to Consider in Obtaining a Home Mortgage in Boca Raton 

There are a few things you’ll need to do to qualify for a home mortgage in Boca Raton. But luckily, Ace Mortgage is always on hand to help you figure everything out.  

Determine how much you can put down – Have you saved enough money or do you need to borrow from a relative or friend (a gift)? A down payment of 20% can increase your eligibility for a loan. If the down payment is less than 20% of the purchase price, most lenders will require that you pay PMI, (Private Mortgage Insurance) PMI is a lender’s protection in the event that you default on your primary mortgage and the home goes into foreclosure.  

Obtain your credit score – Each mortgage lender has a minimum credit score that they will accept. While over 700 is usually what they like to see, you can also obtain a mortgage with a score as low as 650. At Ace Mortgage, we can help you figure all of that out. Usually, the lower the score, the higher the interest rate you will be offered.  

Compare your debt to Income ratio – How much debt do you currently have? Do you have lots of credit card bills and a car payment each month? Most of us do, so you’re not alone. But most lenders will want to know how much debt you have accumulated. This monthly debt is then divided by your gross monthly income to give lenders a better idea of how well you manage your monthly debts and if you can afford to repay their loan.  

Provide the lender with a steady employment history – It stands to reason that any lender will want to make sure you are working regularly and are reliable as a borrower. You can also apply with a co-signer if your employment history is not steady enough to qualify. The longer you have worked at a company, the better your chances for more favorable loan terms. If you already pre-qualify for a loan then you already have half the battle won. Know you have a steady income, manageable debt and debt history already set you up as a great candidate for a home mortgage in Boca Raton with favorable loan terms. 

Call Ace Mortgage today to see if you qualify for home mortgage in Boca Raton. With our team of experienced mortgage brokers, you can be sure that you will receive the best available rates. Please contact us at (954) 777-4774.  We look forward to helping you make home ownership a reality!  

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