Getting a mortgage loan is a big step in someone’s life. Home ownership is a special feeling that indicate a number of different positive things. When it comes to getting a mortgage in South Florida, there’s nobody more trustworthy than the mortgage professionals at Ace Mortgage Loan Corporation. Here are the top five tips for someone who is looking to get a mortgage as 2013 comes to a close.

5) Get your credit in line

There’s nothing more damaging to getting a mortgage than bad credit. It doesn’t matter how your credit rating took a hit, it only matters that your credit history isn’t up to the standard mortgage lenders like to see. Credit ratings of 720 are pretty much a requirement for those looking to get a good rate, and doing things like paying late credit card bills or other debts is a great way to start.

4) Paying early might not be for you

Plenty of people dream about life without a mortgage, so many try to figure out a way to pay off their mortgage as soon as possible. However, signing up for higher monthly payments might be digging yourself in a deep hole that’s tough to climb out of. Refinancing from a 30 year mortgage to a 15 year is great for some, but you really want to plan ahead and make sure you’ll be able to make the payments. Ask yourself questions like ‘What if I lose my job?’ and figure out a way to ensure you can always meet your payments.

3) Explore your options

An FHA loan may sound great because it offers a down payment around 3.5% of the overall price of the home. For those who don’t have a lot of cash to put forward in the form of a down payment, that usually sounds pretty good. However, there are plenty of fees that come with a FHA loan that aren’t there with a conventional loan and lender. Sometimes putting 5% down with a lender like Ace Mortgage Loan Corporation means paying a lower monthly fee and more stability with your loan.

2) Don’t procrastinate

If you find a home you like, don’t wait around to get a loan. Be proactive in obtaining a mortgage loan. This is done through plenty of research and loan shopping to ensure you’re getting a good rate and manageable monthly payments. It’s also unwise to assume you have everything in order and your loan is locked up before the loan actually closes. Keep on top of things with help from a company like Ace Mortgage Loan Corporation.

1) Ask for help

When you’re having trouble meeting your monthly payments, talk to your lender about refinancing. Foreclosure is the last thing you and your lender want so there are ways to adjust your rate to help you make ends meet. Even if the rate shift is only temporary, such as until someone finds a new job, many mortgage lenders like Ace Mortgage Loan Corporation in Coral Springs are willing to work with you.

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