Let’s face it, convention looks good to lenders, especially during a tough economy. Homebuyers with good credit and enough funds to handle a larger down payment are ideal candidates for a Conventional Mortgage Loan. Buyers putting down 20% or more are not required to get private mortgage insurance, and Conventional Loans include NO Upfront Mortgage Insurance payments. The requirements are more strict…but it puts you on a firm path to home ownership.
Conventional Loan benefits include:
- Lower interest rates than other mortgages
- Fixed interest rate for the life of the loan, keeping your monthly payments the same even if interest rates rise or housing prices fall
- 20% down payment gives you immediate equity in your home
- Easier to refinance to take advantage of lower interest rates
- More flexibility to negotiate fees and collateral with lenders
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*Down payment and other terms shown are for informational purposes only, and are not intended as an advertisement or commitment to lend. Not all borrowers will qualify; please contact us for an exact quote and more information on fees and terms.