Plenty of people in Boca Raton continue to spend money paying rent. But how much money are you throwing away? Renting does have its share of advantages. It can help people save on a down payment or to build their credit to secure a mortgage. But no matter how you dissect the figures, homeownership still offers the best option. With the rent in Boca Raton steadily rising, now is the perfect time to dive into ownership. But to own the house of your dreams, it’s important to get familiar with the types of home loans in Boca Raton and which ones are best for you. To get the best advice, it’s important to speak to a representative from a mortgage company in Boca Raton with a long history for getting results.
The statistics are overwhelming. In the last 14 years, rent in Boca Raton has increased at double the rate of income. There are a variety of reasons including increased rental demand, weak income growth and a lack of growth in the supply of rental housing. It’s great news for those who own rental property. But if you’re a tenant, you’re probably not very pleased. New year, rental values in Boca Raton are expected to rise faster than home values.
It’s no surprise that more people are becoming first-time homebuyers in 2015. They’re tired of throwing their money away to rent while also trying to pay off rising debts. But those aren’t the only reasons. More first-time buyers are now applying for FHA loans in Boca Raton. The Federal Housing Administration is a government agency whose purpose is the insure loans in Boca Raton issued by mortgage lenders and banks to purchase homes. Following the housing collapse in 2008, the FHA took over much of the mortgage loans nationwide.
The FHA doesn’t actually provide the loan. It just insures it. This protects the mortgage lender if the borrower isn’t able to make payments on time. FHA loans in Boca Raton are popular because they require a low down payment of 3.5 percent of the home’s value. Selecting the best home loan isn’t an easy decision. To help make your decision easier, the professionals at Ace Mortgage Loan Corp. have been helping homebuyers finance their home and secure mortgages in Boca Raton since 1996. Their expert team of mortgage professionals has a complete understanding of housing local housing market to help find buyers the best deal. To learn more about FHA loans in Miami, schedule an appointment with Ace Mortgage Loan Corporation today.