Buying a home is one of the most significant investments you’ll ever make. Unless you’ve been saving your entire life, you may not have the money to pay for a home outright and will need a mortgage to help. Mortgages in Pompano Beach come in many different forms, and at Ace Mortgage Loan Corporation, we help Floridian homebuyers achieve their American Dream.
Call Ace Mortgage Loan Corporation if you need a mortgage in Pompano Beach
What Are The Mortgage Options?
As a homebuyer, you have a lot of home loan options. Hunting for the perfect mortgage plan can be a hassle. Many homebuyers don’t take mortgage plans as seriously as they should. However, your mortgage affects the way you’ll be paying for your home for the next several years, which means that you’ll want to get it right the first time. Here are a few of the different mortgage options:
Conventional Loans
Conventional loans are from private institutions, not government institutions. For example, some mortgage loans are backed by the government, such as VA loans and FHA loans.
Conforming Loans
Known as loans that follow guidelines of Fannie Mae and Freddie Mac, these loans have a maximum cap amount. However, these may change depending on the home’s location. For example, a loan in Beverly Hills is going to have a higher cap than those with homes in the Midwest.
Non-Conforming Loans
These loans are commonly known as jumbo loans. Not following the guidelines of Fannie Mae and Freddie Mac, these loans are larger than conforming loans.
Secured Loans
Also known for its security, these loans use your personal property as leverage. If you fail to do your part, the property then becomes your lenders.
Unsecured Loans
Known as personal loans, these are wonderful options for those with excellent credit, and a regular, steady, income. These interest rates and loans are all dependable on these types of characteristics.
There are many other types of loans such as open-ended loans, close-ended loans, HARP loans, and more. At Ace Mortgage Loan Corp., we’ve been in business since 1966. While many companies have dwindled and diminished, we’ve stayed a top choice for South Florida homebuyers. With many years of practice, we’ve been able to efficiently build a company that strives to put our customers first, every time. If you’re in need of a mortgage in Pompano Beach, don’t go through the hunt alone. Instead, pick professionals who can help guide you down the path to success.