When you are in the market for Florida mortgage loans, you may feel overwhelmed concerning where to start the process. You will have many options for your mortgage loan, which can be a good thing if you are needing to find the best rates. As one of the best mortgage companies Coral Springs, Ace Mortgage Loan Corporation is able to list a few mortgage loans and the features they offer so that you can make the best choice for a mortgage loan.
The Conventional Mortgage Loan
The conventional mortgage loan from Ace Loan Company in Coral Springs is a loan type that has no government backing and usually requires a higher credit score than what other loans require. While the credit score should be around 620, many may find this loan harder to obtain.
A conventional mortgage loan most often seen is the conforming loan. This type of mortgage loan follows guidelines set by Freddie Mac and Fannie Mae.
Features seen along with the conventional mortgage loan:
- Private mortgage insurance for down payments that are below 20%
- The need for proof of income
- Minimum credit score of 620
The Fixed-Rate Mortgage Loan
A mortgage loan known as the fixed-rate mortgage loan has an interest rate that is fixed for the life of the mortgage loan. The fixed-rate mortgage loan also means the payment amount will always be the same no matter what happens in the housing market. The rate will only change if you decide to refinance.
The most common types of fixed-rate mortgages are the 15-year and 30-year loans and have the following feature:
- The terms of repayment are set in increments of five years. However, you may have the ability to choose terms that work best for you.
The Adjustable-Rate Mortgage Loan
With these Florida mortgage loans, you have an interest rate that is variable. Unlike the fixed-rate, your loan’s interest will vary throughout the term of your loan. An option associated with this mortgage loan type is the 5/1 adjustable-rate mortgage or hybrid mortgage due to it allowing its interest to experience both fixed and adjustable rates.
The features seen with an adjustable-rate mortgage loan involve the following:
- The initial mortgage loan rate will be lower than other loan rates
- The loan’s adjustable rate is capped, which prevents more than a five percent increase in interest
The FHA Mortgage Loan
The FHA mortgage loan is another loan option that Ace Loan Company in Coral Springs provides. With a backing from the Federal Housing Administration, a prospective homebuyer is able to achieve their dreams of homeownership. The FHA home loan also does not require a great credit score to qualify and the down payment needed is only 10%.
Features that make the FHA mortgage loan attractive include:
- A credit score of just 500
- Required Home Insurance
- Ability to purchase multi-units for less than 4% down payment
As one of the best mortgage companies in Coral Springs, Ace Mortgage Loan Corporation is able to provide great mortgage loan options. We also help make your dream of owning a home a reality. So if you are ready to see what your options are, then give Ace Mortgage Loan Corporation a call today.
