The holidays are approaching quickly. But it can also be a difficult time for many homeowners, especially those who have recently experienced a serious financial setback. The loss of a job, a divorce or mounting medical bills has many people in Pompano Beach struggling to make their mortgage payments. Others may have little or no equity on their home and need to refinance for a lower rate. The situation can seem dire. But there are options. One of the best things to do is to reach out to your mortgage lender in Pompano Beach for a solution to your problem. The experts at Ace Mortgage can evaluate your personal situation to provide a variety of solutions including:
- Repayment Plan
One of the best options a mortgage lender in Pompano Beach can offer is to refinance. This is particularly effective if you have an adjustable rate mortgage or you want to secure a lower interest rate than your present mortgage. By choosing to refinance, homeowners can lower their monthly payments to a more affordable level. If you have a track record of making all your mortgage payments, you may be able to completely replace your present mortgage loan with a new monthly payment plan and terms. But refinancing isn’t the best option for everyone. To qualify, you must have enough equity in your property. If you’ve fallen behind on your mortgage payments or have bad credit, you will not qualify.
A mortgage lender in Pompano Beach can offer a forbearance if you’re experiencing short-term financial problems. If you’ve experienced a job loss, a lender can provide a six-month unemployment forbearance or even an extended forbearance for six more months if necessary. Applying for unemployment forbearance is best if your mortgage loan is owned by Freddie Mac.
A reinstatement is another viable option if you’re experiencing a short-term financial problem. It can help homeowners avoid a foreclosure and make their loan current if they have the money to repay missed mortgage payments and fees. To qualify, the homeowner must be able to demonstrate they can repay debts and make their monthly mortgage payments.
A mortgage company in Pompano Beach can also offer repayment plans and mortgage modifications to help responsible homeowners who are trying to get back on their feet. Financial problems can happen to anyone. A sudden loss of income can make it extremely difficult to keep up with your mortgage payments. But if you have a track record of making your payments on time, the professionals at Ace Mortgage Loan Corp. can work with you to help out with any difficulties on your mortgage in Pompano Beach. Call today at (954) 777-4774 and schedule an appointment with a mortgage lender in Pompano Beach today.