Conventional Mortgages
Explore our range of conventional home financing options and lock in the best conventional mortgage rate to make your home-buying more affordable.
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Frequently Asked Questions
Get the facts about conventional mortgages.
They are:
Conforming loans: are within FHFA limits
Jumbo loans: go beyond the conforming limits
Subprime loans: for borrowers with low credit who do not qualify for conventional mortgage
Non-qualified mortgage: for borrowers who do not meet the debt-to-income or credit requirements but can afford a mortgage
Adjustable-rate loans: mortgages with an introductory rate that starts to fluctuate after some years
Amortized conventional loans: a larger portion of the loan goes towards paying the interest over the principal first and gradually shifts to the principal over interest with time.
First time homebuyers may be pleased to know that you must put down at little as 3% of the mortgage loan amount. However, to get the best conventional mortgage rate, make a larger down payment.
A conventional home loan is ideal for persons with good or excellent credit scores because they get favorable interest rates and the cost of private mortgage insurance is relatively low.
How To Apply for Conventional Home Financing
Applying for a conventional loan is straightforward. Check your credit report and debt-to-income ratio to see if you can accommodate more debt. Determine which of the types of conventional mortgage loans you want and put together your down payment and documentation. Select the lender with the best conventional mortgage rate, get pre-approved, and put in an offer. If accepted, go through underwriting and close on the house.
LendMeMoney.com has resources to guide you throughout the home-buying process.
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