Month: February 13, 2013

FHA Loans Coral Springs, FL; What You Need to Know About Mortgages in 2013

Check out this great article about the Federal Housing Administration capping the debt-to-income ratio at 43%. Be sure to contact Ace Mortgage Loan Company for more information about the new regulations surrounding housing loans. You can read the article here. Basically the new FHA rules will make it so any borrower with a debt-to-income ration over 43% will not be able to secure a mortgage loan. Someone's debt-to-income ration is how much money a person spends on their debts per month compared to how much they make. If you spend half of what you make on your debts, then your ratio is 50%. If your debt to income ratio is 43%, it means you bring in more money then you pay for your debts. That's somehting that lenders look for. …

Reverse Mortgages Coral Springs, FL; What is a Reverse Mortgage?

The term reverse mortgage has been thrown around a lot lately and it has a ton of people confused. Upon first glance, the phrase reverse mortgage sounds kind of like instead of you paying a mortgage, a mortgage company pays you! This obviously isn’t the case, but hey we can dream right? A reverse mortgage is used by people over the age of 62 who, to put it as nicely as possible, have one foot in the grave. Basically a reverse mortgage is a just an equity loan for a home which is created in such a way that the usual interest is deferred. Traditional mortgages involve a homeowner making payments to a lender every month. Those with a reverse mortgage are not required to make monthly payments and there…

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