Conventional
Conventional loans are a popular and widely available type of mortgage financing, offered only by private lenders. They give you flexibility in your finances and home choice.
Down Payment Options
You can choose to put down the payment that works for you. Usually this is between 3% to 20% of the home's price with a conventional loan. The more you put down, the less you'll have to finance.
Property Flexibility
A conventional loan offers flexibility in terms of property types and loan purposes. You can use it to purchase primary residences, second homes, or investment properties.
Interest Rate Choices
Conventional loans come with different interest rate options. You can choose between a fixed rate, where your interest stays the same, or an adjustable rate, which might change over time.
Widespread Availability
Conventional loans are the most common type of mortgage, widely available by various lenders. This accessibility makes them a popular choice for home buyers.
Distinct Requirements
While conventional loans require higher credit scores compared to government-backed loans, they can still be accessible if you have a credit score of 620+. Conventional loans also have maximum loan limits set by Fannie Mae and Freddie Mac (government sponsored entities), which vary by location and are adjusted annually to reflect changes in housing prices.
Private Mortgage Insurance
When you make a down payment of less than 20% of the home's purchase price, generally you will be required to pay for private mortgage insurance (PMI). However, once you have built enough equity in the home, typically reaching 20% through payments or appreciation, you can request the removal of PMI.
Flexibility meets affordability.
Secure in your home and your finances...
From first home to cozy getaway to investment opportunity.
Cindy Regan, All Rights Reserved
Cindy Regan - Originating Branch Manager - NMLS #264375
The Lending Authority Team - Hancock Mortgage -Powered by City First Mortgage Services LLC - NMLS #3117
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The Lending Authority Team powered by City First Mortgage Services is not an agency of the Federal Government, and is not acting on behalf or at the direction of HUD/FHA.
Cindy Regan, All Rights Reserved
Cindy Regan - Originating Branch Manager - NMLS #264375
The Lending Authority Team - Hancock Mortgage -Powered by City First Mortgage Services LLC - NMLS #3117
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The Lending Authority Team powered by City First Mortgage Services is not an agency of the Federal Government, and is not acting on behalf or at the direction of HUD/FHA.