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Conventional mortgages are
probably the most popular loan of all and are used to
purchase or refinance single family houses, 2-4 family
houses, condominiums, planned unit developments and vacation
homes.
A conventional mortgage is a
fixed-rate loan in which the monthly principal and interest
payments remain the same throughout the life of the loan.
Generally they are available in 10 to 30 year terms, with 15
and 30 year terms being the most common.
Conventional Mortgage
Highlights:
- Monthly
payments are fixed over the life of the loan
- Interest
rate does not change
- Protected
if rates go up
- Can
refinance if rates go down
A conventional mortgage is not
insured or guaranteed by the federal government, and minimum
down payments are generally 5%, but it is possible to do
less. Loans with 20% down payments don't require the
additional expense of mortgage insurance. They usually
adhere to Fannie Mae/Freddie Mac approval guidelines. A
mortgage with a 20% down payment does not require PMI.
HOW CAN YOU GET QUALIFIED?
1) Click
here to fill out a Good Faith Estimate.
Now we may get you approved
and give you a detailed estimate showing the interest rate
offered, the loan amount, the estimated monthly payment, all
of the costs of the loan and what they are for, and how much
money you will need to close.
2) If you like the estimate, we
will issue you an APPROVAL LETTER and you can go house
shopping!
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