With Fort Lauderdale being in the top ten largest cities in Florida there is plenty of room for population growth, and as such, various loans and mortgage companies. Getting a mortgage in Fort Lauderdale might be easier than you think. NHL Lending has multiple loans and leases to help you with whatever commercial projects you may have. They have both fixed and adjustable rate loans, FHA loans, VA loans, Jumbo Loans, and Reverse Mortgage Loans. Depending on your needs they can match you with the correct investment for you, whichever it is you may need. If you don’t know what to look for when it comes to mortgages and rates it could hurt you in the long run. Mortgages may be complicated, but there are those out there who can help.
Fixed or Adjustable Rate?
Kloze Mortgage has conforming loans which includes both fixed and adjusted rate mortgages. Fixed rate mortgages are excellent because you can lock in a possibly low-interest rate now and keep it for the duration of the lease. There are 15 and 30-year loans but the longer the investment goes, the higher the interest usually is. An adjusted rate mortgage can be helpful but with the interest rates continually changing it can be a struggle to keep up with payments. Also when looking into home mortgages, you need to be aware of your credit score. If you want a conforming loan, you need a score of at least 620. If you have a lower rating, an FHA loan might be more beneficial for you.
Credit Scores and Loans
You usually need a credit score of 620 but if your score is 580 to 620 you can apply for an FHA loan. These types of loans are intended for those with low credit scores or little savings. Usually, the buyer is required to put down a 3.5% down payment, and sometimes a company will be willing to go with a credit score of 500 – 579 with a 10% down payment. It gives people trying to get their credit up and a chance to gain a home while improving their credit score.
Another type of loan available to veterans or those currently serving is the Veteran Affairs loan. Two of the significant advantages is that no down payment is needed and homeowners insurance is not required as it is government backed. Not needing a down payment or insurance saves a lot of money and gives you a chance to gain equity in the home, also because it is government backed the rate can be lower than a conventional mortgage rate. The government supports veteran loans as a way to pay back their contribution to their country. There are many different benefits to being a veteran, and the GI bill is another. You need a certificate saying you are eligible to receive a VA loan before you can apply. Various requirements are listed here.
Jumbo loans are what they call loans for homes that go beyond the limit set by Fannie Mae and Freddie Mac. The current loan range is between $400,000 and $625,000, so anything higher would require a jumbo loan. With such a substantial investment there are more stringent requirements in place, including a 680 credit score and 20% down and debt to income ratio can not surpass 43% of income.
Reverse Mortgage may Help if you Qualify
Lastly, NHL lending has low-interest reverse mortgages that are for seniors that use the equity in the home for collateral. The amount offered depends on the home value and the age of the youngest owner. The loan provides flexibility by allowing the loan not to be repaid until the homeowner dies or moves away. Then the estate has twelve months from the time of death or moves to repay the loan. It offers seniors who own their home and have equity a way to turn that into cash in their golden years or a case of emergency and still have enough time to repay said loan.
Regardless of which loan you may need nationwide mortgage has the best mortgage rates in Fort Lauderdale. They can help you with figuring out which loan you need and what percentage would be best for you. Mortgages no longer need to be intimidating or only for those who have considerable savings set aside. There are many different options even if your credit score might not be the greatest. With so many different companies and rates available there are many options to choose from in the Fort Lauderdale area. You can call or send a request for more information via e-mail to start the process of searching for a loan or mortgage.