If it’s your first time buying a house, congratulations! It’s one of the largest purchases you will ever make, but it will also bring you a lifetime of memories. When buying your first home, it’s important to know what to expect when finding your first lender. Lenders loan people money so that they can buy the homes of their dreams. Very few people have the money to buy a home outright, which is why people seek out a mortgage in Delray Beach. However, not all lenders are created equally. Doing your research and following these next few steps can help you find a lender that is looking out for your best.
Credit Score and History
When you apply for a mortgage in Delray Beach, there are various types of loans a person can apply for; most of them vary on credit score qualifications. Before getting your hopes and dreams set on a particular type of loan, make sure that you’re familiar with your credit score and you know what to expect. Wasting time applying for a loan that is outside your credit score reach is never fun. Instead, match your credit score with various mortgage options and go from there.
Check into Assistance Options
There are some programs out there that help first time homeowners with their closing costs and down payments. The tricky part about mortgages is that, though yes, they help you finance your home, they do require some money down. Some mortgages require more than others. It’s good to be familiar with your financial situation, so that you can know whether or not you can pay the down payments or closing costs they’re requiring.
Find More Relaxed Programs
There are a few recommended programs for those that are buying their first homes and applying for their first mortgages. FHA, VA, and USDA loans tend to have more relaxed requirements and guidelines. This includes lower credit score acceptances, extended loan periods, and a lower down payment.
Do Your Research
Before choosing a lender, you’ll want to do your research. There are plenty of lenders out there, but which lenders will have your back? Which lenders have the experience? Which lenders have a fast understanding of the process? These are all questions you’ll want to explore, as well as which lenders can answer any questions you might have.
At Ace Mortgage Loan Corporation, we’re open seven days a week from 9am to 9pm. We’ve been serving clients since 1996, and we’ve only gotten better over the years! Transparency and trust is our business model and we always put our client’s needs first. If you’re looking for a lending company to help you with your first mortgage in Delray Beach, call us today at 954-777-4774. We’re here for your first, your next, and your last home. At Ace Mortgage Loan Corporation, we can’t wait to help you secure the house of your dreams!