What Should I Look for When Considering a Home Loan in Pompano Beach?

There are a host of different elements that have to come together to make a home mortgage affordable, and understanding how these elements work with your property and your financial situation can often be challenging. When it comes to real estate, location is the name of the game. When it comes to home financing, affordability is the name of the game. At Ace Mortgage Loan Corp., we help to take the guess work out of the home lending process. We can help you determine which home loans in Pompano Beach are the best fit for you. 

Consider the Down Payment 

The first thing to consider is your initial down payment. There are a lot of factors that can influence your down payment, such as loan amount, your credit score and your proposed monthly payment plan. While FHA home loans require only a small percentage down, VA home loans, which are reserved for veterans and their families, do not require a down payment at all. The type of home loan in Pompano Beach that you choose will help determine the down payment that you make. In some cases, a larger down payment can actually help you in the long run. For one thing, your monthly payments will be lower and with the car payment, insurance, cell bill and other monthly household expenses, that can be a saving grace. Don’t forget to factor in your property taxes. Your lender will probably want to pay them for you and if so, they’ll probably require about 6 months in advance for escrow.  

Consider the Interest Rates Available 

Another important factor to consider that influences how much loan you can afford to get is interest rate. In Aug. 2019, they are still relatively low, however, historically, Interest rates tend to fluctuate depending on the market and your financial profile. You may choose a fixed interest rate, where your home loan in Pompano Beach is locked into a specific interest rate for the duration of the loan, usually 15 or 30 years. Fixed interest rate loans are considered conventional loans, they offer a predictable payment schedule with the same payment each month. If the market suddenly takes a turn and the interest rates plummet, Ace Mortgage Corp, can help you refinance your rate too. Adjustable rates have long been considered risky but offer a lower rate than a conventional loan to start for a few years and then may rise to the market rate, which can be higher or lower. Traditionally, there is a cap on these loans so they never go exorbitantly high. Still, many homeowners are not willing to take the risk.  

When you’re looking to secure the best home loan in Pompano Beach, don’t hesitate to reach out to our knowledgeable team at Ace Mortgage Loan Corp. We have an array of mortgage loan products and we’re happy to help you consider your options to determine the best fit. Whether you’re choosing a conventional fixed rate, adjustable rate or balloon mortgage, FHA or Fannie Mae, you need a great mortgage broker to help you find the best home loan in Pompano Beach!  Call us today at (954) 777-4774 to get started on your ideal loan for your ideal home! 

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