Having been in the mortgage industry for over 25 years, Embrace Home Loans is a trusted retail mortgage lender that specializes in providing residential mortgage loans directly to consumers. Formerly known as Advanced Financial Services (AFS), the company changed its name in 2009, in order to more accurately reflect products as well as services they have to offer.
Over the years, Embrace has earned itself a great reputation through helping customers fund the purchase of their new homes, consolidate other high-interest debt and refinance their existing mortgage loans. Major products offered by Embrace Home Loans involve private student loans, home equity loans and FHA insured mortgages etc. Also, conventional, VA and bond loans are available at Embrace.
Approved as lender by Fannie Mae and Freddie Mac, Embrace Home Loans now features two different types of conventional mortgages.
• Fixed-rate Mortgages: Widely regarded as classic mortgage, fixed-rate mortgage is an ideal choice for first-time homebuyer and people who prefer predictable payment. At Embrace, the maximum repayment period is 30 years. But borrowers can pay extra on their loans without any penalty, making it possible to pay off the debt much quicker. Embrace fixed-rate mortgage might also be the right way to go if the interest rate is really low.
• Variable-rate Mortgages: Compared to fixed-rate mortgage, this type of loan is much more complicated. Usually, adjustable-rate mortgage boasts lower initial interest rate. However, your monthly payment will go up and down as the interest rate changes over time. In general, if you are going to stay at your new home for less than five years or the interest rate is more likely to decline in the near future, Embrace’s variable-rate mortgage will be great for you.
FHA Insured Mortgages
As a lender that has got approval of HUD for loans insured by the Federal Housing Administration (FHA), Embrace Home Loans furnishes first-time homebuyers and low-income families with a wide range of loan options. One great thing about FHA insured mortgage is that the government will pay off the debt in full for borrowers who are unable to make loan payment.
Unlike traditional mortgages, FHA insured loans always carry lower interest rate and closing costs. Plus, they only require a 3.5% down payment, making it more appealing to those who are currently in the market to purchase a new home but do not have enough money to pay the down payment. More amazingly, there is no minimum or maximum income limits. Thus, everyone can apply for FHA loans when needed.
Notice that FHA insured mortgage loans come with a small monthly fee (mortgage insurance premium – MIP). But they will be better choices when you:
- Want to get a low-priced home;
- Are lower-income home buyers or buyers with less-than-perfect credit;
- Have a debt-to-income (DTI) ratio acceptable to the FHA.
When it comes to loan refinancing, Embrace Home Loans can also offer you a number of great options. The company allows you to take advantage of its conventional or FHA insured loans to lower your interest rate, change the length of your existing mortgage or consolidate large debts into one variable-rate loan that comes with better terms. If you are in need of some free cash, give a thought to Embrace’s cash-out mortgage refinancing which will help you get more money out of your home.
Embrace Official Website: http://www.embrace.co.uk
This web site is not affiliated with Embrace. We recommend Embrace official site for more accurate information of its financial services.