Conventional Home Loans

Conventional Loans – Get Your Home!

Conventional mortgages are well-known by homebuyers because of the lower costs involved with the loan, and they are often more flexible.

This type of mortgage is also loved because they don’t require the expenditure of mortgage insurance, and it allows the borrower to get a more expensive home.

The Conventional home loan is a great option to consider if you have a credit score of 620 or above.

Is a 30-year fixed rate loan right for you?

The 30-year fixed loan is the most popular mortgage in the marketplace due to its flexibility and the low-interest rate, which is locked in for 30-years.

As a result, you’ll find that these loans are not as expensive as adjustable-rate mortgages when interest rates in the marketplace are low.

The most significant benefit of this type of loan is that your payment and interest never change over 30 years. Therefore, this loan is good if you plan to stay in your home for many years to come.

Is a 15-year fixed rate loan right for you?

The 15-year fixed rate offers the same advantages as the 30-year mortgage, like a lower interest rate with monthly payments that never change, and you’ll own your home in half the time.

In addition, this saves you a ton of interest that you won’t have to pay.

If you can make the extra payments with the 15-year loan, this program is a better financial decision in the long run.

A higher monthly payment would be the only downside to a 15-year loan compared to a 30-year loan.