Due to the current COVID-19 pandemic, product availability may vary from day to day. Contact a loan officer for the latest product information and to help find the best possible mortgage solution to fit your needs.
Close this notification
A conventional loan is designed for home buyers or homeowners looking to refinance who have good credit, a stable income, can afford a higher down payment and are financially secure.
Conventional loans are not guaranteed by the federal government, which means PrimeLending can set the terms of the loan and work with each home buyer directly on their mortgage solution. Since the loans aren’t federally insured, a conventional loan can be more convenient by offering flexibility in terms and restrictions.
Advantages of a Conventional Loan
- Less paperwork and fewer rules and regulations
- More options to choose from, including loans that can be customized to match your goals
- Available for single and multi-family homes, condominiums and manufactured homes
- No private mortgage insurance when you pay 20% down
- Lower interest rates due to borrower having good credit and being financially stable
Conventional loans are available as fixed-rate and adjustable-rate mortgage options. A fixed-rate mortgage means your interest rate will not change over the life of the loan, while an adjustable-rate mortgage will have a fixed rate for a number of years at the start of the loan, but will adjust every year after based on market conditions.
If you’re interested in learning more about conventional loans, contact me today.