Conventional Loans

Whether you’re in the market to purchase a new home or refinance an existing home, a conventional loan may be the best loan option for you.  A conventional loan generally takes less time to process than a FHA or VA loan.  And because these loans generally require higher down payments than the other loans, your home equity will build much faster.

A conventional loan can be conforming or nonconforming.  If your loan is above the lending limits set by Fannie Mae or Freddie Mac you have a nonconforming loan also known as a jumbo loan.

Most conventional loans are either a fixed rate or an adjustable rate mortgage.  A fixed rate mortgage typically has a loan term of 10, 15 or 30 years and the lower the term usually the lower the interest rate.  Adjustable rate mortgages (ARM) fluctuate in relation to the rate of a financial index and monthly payments can increase or decrease accordingly.  Adjustable rate mortgages typically offer a lower rate for the first 3, 5, 7 or 10-year period than a fixed rate mortgage.

Refinance

If you’re looking to lower your interest rate, reduce the term of your loan or use the equity in your home to consolidate debt or make home improvements a conventional refinance loan may be an ideal way to cut your expenses or cash-out for whatever you wish.  And, now is the perfect time as rates have come down considerably in the last few decades and are predicted to rise soon.

Whether you are in an adjustable rate or fixed rate mortgage, lowering your interest rate could save you hundreds of dollars each and every month.  If your adjustable rate mortgage is ready to adjust now may be the time to convert it into a fixed rate so your rate never changes for the remainder of the term of your loan.

If you have high-interest debt that you want to consolidate, want to make home improvements, or just need cash on hand for unexpected expenses, you can refinance into one low monthly payment each and every month all while still saving hundreds of dollars a month.

With the Equity Builder Program, you could reduce the term of your loan and save you tens of thousands of dollars of interest over the life of your loan.  For more information on your refinance options, contact one of our Mortgage Consultants today.  We are here to help you!

Purchase

Purchasing a home is a smart investment you will ever make.  Whether you are looking to buy your first home, moving to a new home, or even looking to purchase a vacation home or investment property, a conventional loan could be the money-smart way to finance your new home!

We know that buying a home is the single largest purchase you will ever make.  We want to ensure that you are receiving the best financing for your new home.  With a conventional loan you could finance up to 95% of the purchase price. It is ideal for borrowers with great credit who can afford a down payment of 5% or more.

With a variety of terms 10, 15, 20 or 30 year loans, we can offer you a loan at very competitive loan rates!    We offer the smart borrower with multiple loan options that will meet your specific needs.

For the smart choice, contact one of our Mortgage Consultants today.  We are experts at helping you get the money you need to purchase your new home!

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Twitter

Understanding the Specification of Repairs (SOR)

Posted February 19, 2012 · by tanya · Comments (0)

FHA 203k Work Writeup – Specification of Repairs (SOR) It is imperative for the customer, Realtor and general contractor to understand the importance of the Specification of Repairs.  Unlike the bid itself from the contractor, this document is attached to the appraisal report and presented to the appraiser to assist in determining the value and future [...]

Continue reading »

How come more people don’t use FHA 203k loans?

Posted February 14, 2012 · by tanya · Comments (0)

Knowledge & Experience Needed! How come more Realtors and customers don’t use FHA 203k loans?  It’s a great question! The answer really lies in the fact that most lenders (in house mortgage companies for the Realtors) don’t do the FHA 203k loan, or just don’t do it well. Secondly, Realtors have fear about the FHA 203k loan because [...]

Continue reading »

What’s the downside of FHA 203k mortgages?

Posted February 6, 2012 · by tanya · Comments (0)

So, I get questions all the time about this, and people always tell me, “Jeff, everything sounds great about FHA 203k mortgages, …sounds like it’s the perfect loan for me…it does everything that I want it to do, BUT there can’t be the perfect loan- there has to be something wrong!”  And you’re right- maybe not so [...]

Continue reading »

Weather Conditions

Posted February 5, 2012 · by tanya · Comments (0)

We get A LOT questions that come in all the time and we try to answer as many of them as we can in blog posts so future customers will be able to see these posts and potentially have their questions answered up front. Weather Conditions One of our most recent questions was from a client in New Hampshire.  The customer had [...]

Continue reading »

FHA 203k Mortgages & Multi-Unit Family Properties

Posted January 18, 2012 · by tanya · Comments (0)

Another Great Use! Buying and rehabbing a multi-family unit property can be done using the FHA 203k loan.  I’ve done a few of these loans and they are absolutely great!  I’m currently doing one right now — it’s a four-unit property and it’s a big job. The FHA 203k loan limits, which you can check out here, are much higher as [...]

Continue reading »