If you’re like hundreds of Americans in the United States who dream of owning a home, then this may be the perfect time for you to obtain a low-interest mortgage. You’ve saved your money diligently every year, and now the reality is here—you’re about to purchase your first home! A home is probably the largest purchase you’ll ever make, and securing the funds to acquire it can be overwhelming. After all, unless you’ve hundreds of thousands of dollars on reserve in the bank, a home needs to be financed, which means you’ll need to apply for a home mortgage. But, how do you make sure you’re getting the best home mortgage products? At Ace Mortgage Loan Corp., we link you with your ideal home mortgage product from our expansive inventory of quality lenders. Even in these tough economic times, mortgage rates are so historically low that it makes sense to refinance your home if you financed at a much higher interest rate.
Here are a few tips on how you can make sure you’re a good candidate for the best lender, rates, and home financing products in Coral Springs.
Today, mortgage interest rates are at an all-time low. The lower the interest rate, the more affordable your mortgage! The skilled brokers at Ace Mortgage Loan Corp. have put together some tips to help you and other first time home buyers make the most of a home mortgage application.
- Save, Save, and Save! You can never save too much money, especially when it comes to buying your first home. At Ace Mortgage Loan Corp., we suggest adjusting your savings for many mortgage-related costs, such as closing costs and down payments. If you can’t put down at least 20% on your home, you’ll never need to carry affordable mortgage protection insurance. Don’t forget to factor in moving costs and other travel-related expenses.
- Monitor Your Credit Score. Your credit score is one of the most critical puzzle pieces when it comes to your mortgage application. It’s vital to make sure you’re doing everything you can to get your score up to 690 or above. This usually means paying off some of your credit cards to reduce as much debt as possible.
- Pay Down Debts. Your debt to income ratio is one factor that plays into deciding if you are the right candidate for home financing in Coral Springs. It’s essential to keep your debts as low as possible so you can focus on getting the best mortgage rates.
- Don’t Take Out New Loans. Your credit history is one of your credit score’s main components, and new credit inquiries can put a damper on your score and mortgage eligibility. So, hold off on that new car, new appliances, or any other large purchases, for now, because it could affect your credit score negatively. While that isn’t the only thing lenders look at, it is one of the main components of deciding if you qualify for home financing in Coral Springs.
Are you ready to learn more?
At Ace Mortgage Loan Corp., we connect you with the best home mortgage services available. If you are a first-time homebuyer, you may not know all the ins and outs of obtaining a mortgage. The expert mortgage brokers at Ace Mortgage can help you find the best lenders for this important life decision. When you’re looking for the best home financing in Coral Springs, don’t hesitate to reach out to the knowledgeable team at Ace Mortgage Loan Corp. We offer a wide range of mortgage loan products that make it easy to determine your best fit. Whether you’re choosing a conventional fixed-rate, adjustable-rate or balloon mortgage, FHA or Fannie Mae, there is no doubt that you need a great mortgage broker to get you started on the road to homeownership! Call us today at (954) 777-4774 to get started.