With the current coronavirus pandemic, many people are looking to refinance their mortgage as a response to the unstable market. Whether you’ve lost your job as a result of COVID-19, your income has changed, or you simply want to know if you can refinance, then look no further than Ace Mortgage Loan Corporation to assist you in making the right decisions for your future. Homeowners in Boca Raton can look to refinance their current loan with the help of the experts at Ace Mortgage Loan Corporation! To understand the options homeowners have, let us explain the three basic types of loans.
The most known type of loan, conventional loans are popular because they are fixed-rate loans or loans that keep the same interest rate throughout the duration of your contract. However, conventional loans are the most difficult type of loan to qualify for because of the requirements each qualifier must meet. Both the down payment and minimum credit score are usually higher than the other two types of loans and account for more factors. Factors that are taken into account include
- Credit Score
- Housing Costs
- Debt-to-Income Ratio
- And more
The reason conventional loans have more factors is that they are not government-issued, meaning there is more risk put on the mortgage lender to accept. However, Ace Mortgage Loan Corporation will work with you to see if you qualify for a conventional loan!
Federal Housing Administration (FHA) Loans
A Federal Housing Administration (FHA) loan is a popular type of loan, especially for those who are buying a house for the first time. FHA home loans come with lower interest rates and are available to individuals with lower credit scores. For FHA loans, fewer factors are taken into account than conventional loans. For example, only a credit score of at least 580 is required, and down payments can be as low as 3.5%! Compare those numbers to a conventional loan that requires a 20% down payment and a 700-credit score! FHA home loans are great from homebuyers in Boca Raton looking for an affordable mortgage option. Ace Mortgage Loan Corporation specializes in these government-issued loans. The FHA does not directly provide these loans to homeowners, but they help ensure lenders in case borrowers do not make the necessary payments.
Veteran Affairs (VA) Loans
A U.S. Department of Veterans Affairs (VA) loan is a loan specifically for American veterans who are looking to get a home without making a down payment. Signed into law in 1944 through the GI Bill of Rights, President Franklin D. Roosevelt provided veterans with a federally guaranteed home with no down payment. This type of loan is generally easy to qualify for, and Ace Mortgage Loan Corporation is here to help all veterans qualify what is rightfully theirs. If you’re interested in getting started with the VA loan process, give Ace Mortgage Loan Corporation a call today!
With so many different loan options, you may not know which one is right for you. Between the excess in available information and the hysteria around the coronavirus, you deserve to be lead in the right direction to accomplish the milestones you want to achieve in life. At Ace Mortgage Loan Corporation, we will be the company that helps get you through tough times and never lead you astray. At Ace Mortgage Loan Corporation, all members of our team provide transparency with our clients so they can make the proper steps to begin living their life. Ace Mortgage Loan Corporation has been serving the great city of Boca Raton for over 20 years, and we look forward to helping you refinance your home. If you’re ready to get started, please call (954) 777-4774 to speak to a representative or visit the “Contact Us” page on our website. We look forward to working with you!