Month: June 26, 2013

Home Buying Slows This Week

  As was expected with the recent increase in mortgage rates, home buying has slowed 3% from last week according to the Mortgage Bankers Association. Those looking to refinance their mortgage also fell 3% from last week’s numbers. Despite the decrease in home buying, the housing market is still seen as in recovery mode as the purchasing rate is much higher than it was last year at this time. The Florida housing market, which was one of the hardest hit during the financial crisis a few years ago, is recovering very well in fact. The home price index for Palm Beach, Broward and Miami-Dade are 13% higher than they were last year. It’s always a good thing for homeowners when their home value goes up. Higher home prices and rising…

Check Out Our Latest Mortgage Loan Video!

  Ace Mortgage Loan Corporation is dedicated to helping our clients achieve their dream of home ownership. First time home buyers are obviously hesitant to jump right into the often confusing housing market, but thanks to the professional home loan experts at Ace Mortgage Loan Corporation, a first time home buyer has nothing to worry about. Here at Ace we go out of our way to ensure that our clients fully understand the details of their new mortgage so the isn't any room for confusion. We work closely with our clients throughout the process of obtaining a mortgage loan in South Florida. Ace Mortgage proudly serves the people of: Coral Springs Boca Raton Delray Beach Margate Pompano Beach Davie Coconut Creek Check out our latest video about mortgages and

Consumer Protection Financial Bureau (CPFB)

  In the aftermath of the 2008 financial collapse, Congress put safeguards into the banking system, to both protect consumers and banks from another meltdown.  Senator Christopher Dodd and Congressman Barney Frank headed up legislation which came to be known as Dodd / Frank.  Within that bill, a new agency was formed called the Consumer Protection Financial Bureau (CPFB).  This agency is designed to protect consumers by regulating certain aspects of lending, from credit cards, to mortgages. Among it’s rules, is a guideline which is intended to protect consumers from themselves when obtaining credit.  The rule put simply is this; any loan (in this case mortgages) in which the lender lends money to a borrower whose debt to income ratio exceeds 45%, that loan does not fall under any government…

Mortgage Loan Refinancing May Be Winding Down

  The interest rate for 30-year fixed-rate mortgages has steadily rose over the past few weeks, reaching %4 for the first time in a year. As the rates continue to climb, many people are scrambling to refinance their mortgage before rates climb even higher. Since the subprime mortgage crisis is nearly over and the housing market is rebounding, it’s easier for people to refinance because their homes are worth more. Many are refinancing away from adjustable-rate mortgages and into fix-rate mortgages. People worrying about inflation is the most common reason for the switch. When it comes time to refinancing your mortgage in the greater Boca Raton area, your first stop should be the mortgage loan professionals at Ace Mortgage Loan Corporation. Refinancing a mortgage isn’t rocket science, but having the…

Higher Interest Rates and Potential Homeowners

  With national mortgage rates reaching 4% recently, the refinancing boom of the past few years is about to be over. Big banks have done very well thanks to the huge number of people who refinanced their mortgage. Higher interest rates means less refinancing and the question is how will banks respond to the drop in revenue? Many banks opened up whole new offices to handle the number of refinancing mortgages, but those offices won’t have much to do with interest rates where they are. If rates remain at 4% and above, some banks may have to lay off the extra staff to save some money. Another interesting side effect of higher interest rates is that many lenders will open up to a wide base of potential homeowners. Approving mortgages…

Interest Rates Hit 4%, Home Prices Also Up

  The housing market has been steadily gaining steam over the past year with home prices seeing a large jump. Throughout this recovery period. Average interest rates on mortgages was historically low until just last month, when the average 30-year mortgage rate topped 4% for the first time in a year.  Many in the business expect rates to continue to rise over the rest of the year, eventually settling somewhere between four and five percent. Those looking for a

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