When it comes to real estate, location is the name of the game. When it comes to home financing, there’s another king. When most people think about their loans in Plantation, affordability is the name of the game. There are many different factors that work to make a home loan affordable, and understanding how these elements work with your property and your financial abilities can be challenging. At Ace Mortgage Loan Corp., we’re taking the guessing game out of home financing in Plantation. We can help you determine which loans are your best bet, and we can help you secure the loan that’s the perfect fit. You’ve found your dream home, now it’s time to find your dream loan.
The first thing people are concerned with when it comes to their home loan is the initial payment, the down payment that essentially anchors the loan. There are a lot of factors that can influence your down payment, such as loan amount, your credit score and your payment plans. For example, FHA home loans require only a 3.5 percent down payment. VA home loans, which are reserved for veterans and immediate families, require no down payment for financing. Your specific loan will help determine the down payment that you make. Remember, a down payment also helps offset the long-term costs of your loan, so in some cases a larger down payment can wind up helping you out in the long run.
Another factor that influences loan affordability is interest rates. These rates are always in fluctuation depending on the market and your financial profile. Some people choose fixed interest rates, where their home mortgage is locked into a specific interest rate for the duration of the loan. Fixed interest rate home loans are considered conventional loans, they offer a predictable payment schedule with the same payment amounts each month. But, when you’ve entered into a fixed interest rate loan during an unfavorable market, you may be locked into rates that aren’t competitive to today’s lower numbers. At Ace Mortgage Loan Corp., we can help you refinance through the HARP program, finding a new mortgage that boasts a much lower interest rate.
There are many different factors that play into your home mortgage. At Ace Mortgage Loan Corp., we offer the mortgage services in Plantation that can help you make home ownership a reality. When you’re looking for the most affordable mortgage around, our team is here to help. Don’t leave your mortgage to a guessing game. Trust one of the biggest purchases you’ll ever make to our expert assistance. You can get started by calling our team at (954) 777-4774 for your complimentary consultation.