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What is the Right Mortgage for Buying a Fixer-Upper?

You have found your dream house but it will take significant work to make it a home. You do not have cash in savings to pay for both a down payment and the repair costs. Not to worry - this is not a hopeless situation. Fortunately, there are two types of mortgage loans available for just this scenario:  The Federal Housing Administration (FHA) 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage. FHA 203(k) Mortgage The Federal Housing administration has provided a home loan that allows buyers to borrow enough money to cover the price of the home plus the estimated...

February 13th, 2019 | FHA Loans, Purchasing a Home, What is the Right Mortgage for Buying a Fixer-Upper?

What Are Mortgage Points?

If you have ever checked out the current status of mortgage interest rates, you may have seen the average points listed next to the rates. What are these points and how do they affect your interest rate? Points Defined Mortgage points, or discount points, are upfront fees paid to your lender that allow you to “buy down” your interest rate on your home loan. The idea is that you are prepaying some of the interest on the mortgage, which gives you a lower rate. The more points you pay, the lower your interest rate will be. One point is equal to 1% of the total mortgage loan amou...

February 6th, 2019 | Interest Rates, Conventional Loans, Fixed Rate Mortgages, What Are Mortgage Points?

Ace Mortgage Company

711 River Highlands Blvd.
Covington, Louisiana 70433
Phone: 985-888-1660
Fax: 985-888-1665
Email: phil@acemortgagela.com
NMLS: 49604