Author: acemortgage

Mortgage Pre-Qualification vs. Pre-Approval

Buying a home is a daunting task. There are a number of steps that need to be tackled, and each step has its own set of challenges associated with it. Among the many things to consider, such as the cost of the home, the monthly mortgage payment, and the location of the home. In addition, there are many paperwork requirements and legal procedures that must be followed.   One of the most important steps in the process, whether you are seeking loans in Coral Springs or loans in Delray Beach, is obtaining a mortgage pre-qualification or a mortgage pre-approval. But what exactly is the difference between the two?   What Is Mortgage Pre-qualification? When you pre-qualify for a mortgage, the lender will look at your income, debts, and assets to…

5 Real Estate Scams to Watch Out For

The real estate market is booming these days, and with that comes a higher risk for scammers looking to take advantage of unsuspecting buyers and sellers. Here are the five most common scams to watch out for in real estate.   1. The Bait and Switch This is when a scammer advertises a property for sale at an irresistible price only to switch the property for a less desirable one once you've expressed interest. For example, a scammer may advertise a property for rent at an unbeatable price and then claim that it has already been rented when potential tenants try to view it.   In other cases, a scammer may advertise a property for sale and then pressure the buyers into paying an inflated price. If you're looking to…

What Do I Need to Know about Home Appraisals?

The home appraisal process can be stressful and nerve-wracking, especially if you do not know much about it. It is a process that involves determining the actual value of a real estate property. As a home seller, you need to understand this process before setting the price for selling your property.   What Happens During a Home Appraisal? A home appraisal is a type of valuation. Therefore, an appraiser will thoroughly inspect your home during a house appraisal. The appraiser will also compare it with the currently sold homes located in the same locality. They will then compile a report that will help them come up with the appraised value of your home.   Here are the things that an appraiser will likely focus on when assessing your home:  …

The Difference Between Fixed-Rate and Adjustable Mortgages

When buying a home, choosing the right type of mortgage is important. Fixed-rate mortgages offer stability and predictability, while adjustable mortgages can save you money in the short term but may cause your monthly payments to increase. Here's a closer look at the differences.   1. Initial Interest Rates and Monthly Payments With a fixed-rate mortgage, your interest rate and monthly payment are set for the life of the loan. That means you'll know exactly how much you need to budget each month, making it easier to manage your finances. And because your interest rate won't change, you'll have peace of mind knowing that your monthly payment will stay the same even if interest rates rise in the future.   With an adjustable-rate mortgage, on the other hand, your initial…

Great Sources For Home Financing In Boca Raton, FL

Are you preparing to purchase a home in Boca Raton, FL? If so, you're likely thinking about what financing options you have available to you. Home financing is an excellent way to help fund the home of your dreams.   But with so many financing options available, choosing the best one for your needs isn't always easy. If you're looking to explore your financing options, read on to learn 3 great sources to help you purchase a home.   3 Ways to Finance Your Home There are many great financing sources available to buyers. For prospective buyers, it's always a good idea to explore more than one financing option to see who offers the best rates for you.   Traditional Banking Institution Going through a bank can be a great…

What is a specific role of a Mortgage Broker?

A mortgage agent is a professional who helps you obtain a loan for buying a property. They're experts in the real estate market with tremendous knowledge of the rules and regulations of the field. Here are the roles of a mortgage agent.   1. Helps You to Protect Your Credit Score We help you find a property by finding the best mortgage lender for your needs. We'll do all the legwork and take up all the responsibilities. This will ensure that you get a good deal and that your credit score isn't affected.   2. Helps You to Negotiate with Lenders While selecting a mortgage lender in Boca Raton, FL is your responsibility, we will help you deal with them. We will also help you get pre-approved. This will ensure…

Have The Requirements For FHA Loan Increased Since The Beginning of COVID-19?

Based on my credit history, what are my chances of getting an FHA loan? This is a question that many people are asking in the aftermath of the COVID-19 pandemic. Many individuals are obliged to seek a home even in the direst of circumstances. What should you know about FHA prerequisites since the onset of the pandemic? The Credit Restrictions Have Been Increased The COVID-19 lockdowns had a huge impact on lots of borrowers. Also, many more benefited from mortgage forbearances. This placed the mortgage sector and FHA applicants under strain. The FHA has not modified its guidelines, in response to the COVID-19 outbreak and the recession. However, numerous lenders have raised the minimum credit score necessary for FHA loans. Many lenders now need a credit score of at least…

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