Mortgages are something that many individuals have to deal with in life. In fact, this is the biggest debt most people will ever owe. Mortgages help homeowners pay off their home over time, giving them the space and time many desire in order to not feel overwhelmed. At Ace Mortgage Loan Corporation, we assist new homeowners with their loans. Loans can come in many different forms and at Ace, we can help with them all. We only hire professionals, making sure that you are always dealing with someone who has proficient knowledge in the field.
Not all loans are created equal, which is great for individuals who are in need of something different than the person before them. Here are a few different mortgages that Ace Mortgage Loan Corporation handles.
Fixed Rate Loan
This type of mortgage is one that has a fixed interest rate that lasts throughout the entire loan period. This gives homeowners the peace of mind that their payments will not fluctuate, allowing them to plan for the future more easily.
One-Year Adjustable Rate
This time of mortgage loan has a fixed rate during the first year, and the rate then changes for the remaining time period. The upside to a one year adjustable rate is that the interest rates are lower than that of a fixed rate, however some individuals would rather have a steady, even, payment, even with higher interest rates.
FHA Loans
Generally a loan for those who cannot make large down payments, this loan is for low-income families or those with credit scores as low as 500.
VA Loans
These loans are for veterans initially put into place by President Franklin D. Roosevelt. This loan assists veterans by removing the down payment altogether.
Interest-Only Mortgage
This type of mortgage is a great choice for those who are first time homeowners. The idea of the mortgage setup, is that homeowners pay off the interest only for a while, until the new homeowners income can increase and they can regularly make larger payments.
Reverse Mortgage
Different than the above, this mortgage option is for those who want to borrow money from their lender. Essentially, money is paid to you until the homeowner dies, moves, or sells. Interest is charged based on the payments you receive.
Balloon Mortgage
Much like the shape of a balloon, the borrowed amount of money is then repaid fully, all at once, at the of the loan term.
As you can see, there are many paths to choose. With our knowledge and professionalism, we can work with you to determine your current financial position, cost of the home you’d like to purchase, and help you choose a comfortable option. It’s important that you feel secure in your choice, and if you’re searching for mortgage services in Coral Springs, Ace Mortgage Loan Corporation may be the best lender for you.