When you find the perfect home, you must find the perfect loan. However, the great thing about home loans in Pompano Beach is that there are many options. Because everyone’s situation is different, there is not a single loan that can benefit everyone. At Ace Mortgage Loan Corporation, we can lead you to the best loan type that fits your needs. The list below includes the following choices:
- Conventional loans are loans that are backed by the government. A few examples include the U.S. Department of Veterans Affairs and the Federal Housing Administration.
- Conforming loans are loans that mimic the guidelines of Freddie Mac and Fannie Mae. These loans can be large, but are known to conform based on the price of the home and the location of the home.
- Non- Conforming loans are loans that do not change due to the location and price of the home. If you are looking for a larger loan, this would be an option.
- Secured loans are loans that allow you to leverage the amount and interest of the loan based on the price of the home, and the length of the loan you are looking for.
- Unsecured loans are loans that allow your credit history and income to determine the interest rate and the size of the loan. These are good options if you are in great financial standing.
- Open ended loans are loans that are like a credit card. You can pay it off and use it again. Home equity lines of credit are like this type of loans.
- Close ended loans are loans that cannot be borrowed from again. Most loans are like this. Student loans, car payments, and mortgages are a few examples.
Now that you have an idea of the loan types available, make sure to call Ace Mortgage Loan Corporation for more help on moving forward with loan decisions.