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Conventional loans are offered by private lenders and backed by private mortgage insurance companies. They've got some strict credit and income requirements, but if you can make the cut, there are some sweet perks waiting for you.
Conventional loans often flaunt lower interest rates than government-backed loans, potentially saving you a boatload of cash over your loan's lifetime.
Since they're not bogged down by government regulations, conventional loans have more flexibility in terms of loan amounts, property types, and other factors.
Conventional loans can offer down payments as low as 3%, with private mortgage insurance added to your monthly payments.
Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Guaranteed Rate for current rates. Restrictions apply.
Unveiling the Advantages of Conventional Loans: Explore Your Financing Options Today! 🚀
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This is not a commitment to lend. Consumers are advised to obtain a Loan Estimate. Rates are subject to change and are dependent on credit and underwriting criteria.
Your actual rate, payment and costs could be higher. Guaranteed Rate cannot predict where rates will be in the future. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
A home loan that can offer you competitive interest rates, low down payments, flexible loan terms, and potentially lower upfront costs and more predictable monthly payments than other mortgage programs. To apply, you just need to follow four simple steps.
Get pre-qualified with a mortgage pro like me so you can determine your budget.
Find a home in your price range and fill out your mortgage application with your mortgage advisor.
The lender will review your credit history, employment history, and financial information.
If you're approved, you'll receive a loan estimate that breaks down your interest rates, fees, and closing costs.
Sign your closing paperwork, pay your closing costs, and receive your funding!
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government.
Schedule Now!Conventional loans can be used to finance a single-family home, multi-family home, or other real estate property.
Schedule Now!The requirements for a conventional loan include a minimum credit score, stable employment, and a down payment of at least 5-20% of the purchase price.
Schedule Now!The benefits of a conventional loan include flexible terms, large loan amounts, lower interest rates, no mortgage insurance, multiple uses, tax benefits, and no income limitations.
Schedule Now!The loan process for a conventional loan involves the submission of a loan application, credit report, and other documentation, followed by loan underwriting and approval.
Schedule Now!Your path to ownership is just one click away! Schedule a complimentary consultation now so we can take a look at your specific needs and find the perfect home loan for you!
*This is not a commitment to lend. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. <COMPANY NAME> is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. To find a Reverse Mortgage counselor near you, search the HECM Counselor Roster at https://entp.hud.gov/idapp/html/hecm_ agency_look.cfm or call (800) 569-4287
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan or use other assets to repay the loan in order to retain the property. You should know that a reverse mortgage is a negative amortization loan which means that your mortgage balance will increase while your home equity decreases if you do not make principle and interest payments on your loan. This may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. However, you will never owe more than the home is worth when the loan is repaid.
Getting approved for a VA loan begins with taking a look at your unique situation.
Getting approved for a VA loan begins with taking a look at your unique situation.