If it’s your first time buying a home, you may be overwhelmed with the options available, as there are many. Without proper knowledge of the terminology, it can be complicated to even grasp what’s being discussed. However, this is what bridges the gab between a lending company, and a great lending company. At Ace Mortgage Loan Corporation, we understand how complicated it can be to understand all of the choices, and that’s why we’re here to help you.
For young people and first time homeowners, the first thing to take into consideration is making sure that you have sufficient credit. Unfortunately, many young people lack the essential credit history to make home buying possible. However, if your credit checks out, there are plenty of options to consider.
FHA LOANS
FHA loans or the Federal Housing Administration is a loan that has young people and new homeowners written all over it. With low down payments and smaller interest rates, this is a popular option. These loans are available to those who have a credit score as low as 500, although it is preferable that the credit score is higher.
CONVENTIONAL LOANS
While these loans are somewhat more difficult to obtain, they are still an option for new homeowners who meet the necessary standards. These necessities include credit scores, costs, and income. Generally, the higher your credit score, the better off you’ll be with conventional loans
INTEREST-ONLY MORTGAGE
This type of loan is an amazing option for those who are first time homeowners. Set up to help new homeowners pay off their payments successfully, they pay only interest, which can vary payment to payment. However, this deal only lasts for a certain time, until full payments are initiated. Once homeowners have the chance to grow their income, they will be expected to make the full payments.
As a first time homeowner, the options can be plentiful. At Ace Mortgage Loan Corporation, we deal with these types of situations every day, making us experts in home mortgage options. We work with our customers closely, taking the time to understand their story and their financial situation to ensure an outcome that they will be happy with for years. If you’re looking for options on home mortgages in Coconut Creek, please call us. As professionals in our field, we can guide you in the right direction.