Quality Mortgage Services

Unless you’re fabulously wealthy, buying a home means first securing a mortgage loan. For most people, this the biggest debt they will ever have because homes are not cheap. A mortgage is a way for a homeowner to pay for the home over a period of time, generally 30 years, rather than having to come up with hundreds of thousands of dollars right away. The home is a form of collateral; should you not make the payments, the lending company takes the home. There are several terms to know when it comes to mortgage loans:

  • Principle: The amount of money you borrowed to buy the home.
  • Interest: What the lending company charges for a loan. Interest rates fluctuate depending on the situation.
  • Amortization: The process of paying off principal and interest over a long period of time.

Lenders are often wary of borrowers who give less than 20% of the home’s value in a down payment and can add additional premiums which must be paid on top of principle and interest. This protects the lender should a borrower default on their mortgage. The government plays a large role in the home loan industry in a regulatory capacity through legislation aimed to protect lenders and borrowers.

Ace Mortgage Loan Corporation provides quality mortgage services to the people of Broward and Palm Beach Counties. Those looking to buy a home in South Florida should secure a loan from a trusted lender like Ace Mortgage Loan Corporation.

Are you ready to lock down your ideal mortgage?

Ace Mortgage Loan Corporation provides quality mortgage services to the people of Broward and Palm Beach Counties. Call us today at (954) 777-4774 to get started!

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