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FHFA Announces Maximum Conforming Loan Limits for 2019

The Federal housing Finance Agency (FHFA), has announced that the maximum conforming loan limits for mortgages with Fannie Mae and Freddie Mac are to increase in 2019. They will go from $453,100 in 2018, to $484,350 in 2019!  This is due to the increase in the average U.S. home value, which is roughly 6.9% as found between the thrid quarters of 2017 and 2018.  Therefore, due to this the baseline maximum conforming loan limit in 2019 will increase by the same percentage! To read more about this and other news regarding baseline limit increases, please visit: https://www.fhfa.gov/Me...

November 28th, 2018 FHFA Announces Maximum Conforming Loan Limits for 2019

4 Documents You Need for Mortgage Pre-approval

Getting pre-approved for a mortgage is a smart step before you go out looking for a home. A pre-approval letter shows sellers that you have already proven to a lender that you have the income and down payment to qualify for a mortgage loan. This allows sellers to take you seriously, especially in a hot seller’s market. Pre-approval can be quick and painless, if you have the right documents lined up. While each lender may require slightly different paperwork, there are at least 4 documents that almost all lenders will need. Income & Employment Documents – All lenders want ...

November 28th, 2018 | Purchasing a Home, 4 Documents You Need for Mortgage Pre-approval

Happy Thanksgiving from Ace Mortgage Company

Thanksgiving is a time to express gratitude to those who make a difference in our lives. Thank you for your continued support of our business; it’s always a pleasure to help you and your family with your mortgage. All of us at Ace Mortgage Company would like to wish you a safe and Happy Thanksgiving. All the Best, Ace Mortgage Company

November 21st, 2018 Happy Thanksgiving from Ace Mortgage Company

Jumbo Loan Basics

The majority of homes around the country are purchased with the aid of traditional, conforming mortgage loans. Yet when home prices rise quickly, many markets have price tags that are too high for these standard loans. Enter the jumbo loan. What is a Jumbo Loan? Jumbo mortgage loans are those that have a higher dollar amount than the limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy up home loans and sell them on the secondary market. Since Fannie and Freddie are backed by the federal government, they create loan limits to minimize the risk of loss t...

November 14th, 2018 | Jumbo Loans, Adjustable Rate Mortgages, Fixed Rate Mortgages, Purchasing a Home, Jumbo Loan Basics

30-year Mortgages vs. 15-Year Mortgages

The majority of American home buyers sign up for 30-year fixed-rate mortgages (FRMs) – the staples of mortgage lending. And yet there is another option that may serve many borrowers better: the 15-year fixed-rate mortgage. Both loans include an interest rate that does not change over the course of the loan but one is paid off twice as fast as the other. Both can be financially savvy in certain situations. Payments If you are looking for the lowest monthly payment, a 30-year FRM beats the 15-year. That is because the loan principal balance is paid off twice as slowly than the 15-yea...

November 7th, 2018 | Conventional Loans, Mortgages, Mortgage, 30-year Mortgages vs. 15-Year Mortgages