The Four Most Common Loans in Boca Raton You Should Know

There are many various mortgage loan options home buyers can choose from. Some of the loans include Jumbo mortgage financing, FHA mortgage loans, reverse mortgage senior loans, 203k rehab loans, VA mortgage loans, USDA mortgage loans, and HARP refinance loans. With all of these opportunities to find a mortgage that is just right for home buyers, it is essential to have a mortgage company that can help you along the way. The process of applying for a home loan can be difficult if done alone. A mortgage lender like Ace Mortgage Loan Corporation can assist you and make the process more enjoyable and less stressful.

Boca Raton, FL residents and even visitors who are interested in getting a mortgage loan should know about the four most common loans. The first most common loans are secured loans. The CEO and owner of Ace Mortgage Loan Corporation, Scott Osher describes Secured loans as loans which depend on assets of collateral. You can leverage your personal assets to determine the rate of your loan or line of credit. The more value your assets have, the better the mortgage rate. Some assets you should consider leveraging are your home, your car, or your savings account. These assess can assist you with obtaining the necessary funds you desire. Some examples of secured loans include mortgages and car loans.

The second most common loans Boca Raton home buyers may consider getting are unsecured loans. These loans are the opposite of secured loans in the sense that they don’t require collateral. However, unsecured loans have higher interest rates due to the fact that mortgage brokers don’t ask for collateral. If a person decides to apply for an unsecured loan, the lender will judge the individual based on the character, capacity, capital, collateral, and conditions of that person’s credit. The mortgage lender will have the belief that the person will be able to repay the loan based on their financial resources. Examples of unsecured loans are credit card purchases, student loans, and personal lines of credit or personal loans.

Conventional loans are the third most common loans the people in Boca Raton, FL consider getting. Conventional loans are loans that are not insured by government agencies like the FHA or the VA; these loans follow the terms and conditions of Fannie Mae and Freddie Mac. Conventional loans can be either fixed rate or adjustable rate. Conventional home loans in Boca Raton, FL require anywhere from 5% to 20% down payment. Eligible properties that a borrower can finance under a conventional loan are a single-unit home, duplex, triplex, fourplex, or HOA-Approved single unit condo or townhouse. The fourth most common loans are open-ended loans, which are loans where the borrower is able to continually borrow. A home equity line of credit, HELOC and credit cards like Visa, Discover, and American Express are examples of open-ended loans.

If you are interest in applying for any of the four most common loans mentioned above and you live in the Boca Raton area, call Ace Mortgage Loan Corporation today at (954) 777-4774. Ace Mortgage Loan Corporation wants to provide you with all of the tools and sound advice necessary to get the home loan you want.

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