Conventional mortgages can be the perfect match for those with a good credit history looking for a variety of down payment options and loan amounts.
"MB Mortgage Pros" gives guidance in Conventional loan process.
A conventional mortgage is a loan that is not guaranteed or insured by any government agency. It is typically fixed in its terms and rate. A conventional mortgage can come with super low closing costs and flexible payment options. These mortgages often follow the lending guidelines set forth by government-sponsored enterprises like Fannie Mae or Freddie Mac.
Conventional mortgages can be either conforming or non-conforming. Conforming loans follow the guidelines, terms, and conditions of government-sponsored enterprises such as Fannie Mae and Freddy Mac, which are stockholder-owned corporations. Non-conforming conventional loans typically don’t meet the requirements of these government-sponsored enterprises.
Conventional Mortgage Highlights:
Low down payment options available.
No mortgage insurance options.
If required, low monthly mortgage insurance.
If required, multiple mortgage insurance payment structures are available.
Conventional Mortgage Types Include:
1) Fixed Rate Mortgage: The interest rate remains the same during the entire term of the mortgage, or for a stipulated length of time.
2) Adjustable Rate Mortgage: In the case of adjustable rate mortgages, the interest rate is not fixed, but changes during the life of the loan. These changes are linked to an index rate, and move in accordance with it.
3) Some mortgages incorporate certain aspects of both “Fixed” and ”Adjustable Rate” mortgages. For example, rates may start at a low fixed rate for seven to ten years, and then begin to rise according to market conditions.
Our professional agents will educate you about these and other types of mortgages, and guide you in choosing the most appropriate solution to fit your needs.
Contact us today at 843-353-2982 to get the right loan program for you.