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Conventional Loans
A conventional loan is a mortgage loan that is not guaranteed or insured by any government agency, like the Federal Housing Administration (also known as FHA), and usually has a fixed rate.
A Conventional loan can require as little as 3% down, making it a great option for those borrowers who do not want and / or do not qualify for an FHA loan. While Conventional loans do require mortgage insurance if you are putting less than 20% down, you can cancel the mortgage insurance after your home equity reaches 20%. Also, if the down payment you are putting is 20% or more of the sales price there will be no mortgage insurance. Conventional Loans do not require upfront mortgage insurance like an FHA loan.
Conventional loans can have a Fixed Interest Rate or a Variable Interest Rate
Fixed rate loans
- Your payment won’t change through the life of the loan.
- Great for those planning on staying in their homes for at least 5-10 years.
- Rate and payment security.
- Stability makes budgeting easier.
Adjustable Rate Mortgage loans (ARM)
- ARMs payments are usually lower than a 30-year fixed rate.
- Can reduce your monthly payment significantly.
- Usually the lowest rates available.
- Caps on Arms offer extra protection.
Advantages
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Down payment as low as 3% |
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Available in Fixed Rate or Adjustable Rate (ARMs) options. |
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Many loan term options available. |
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No monthly mortgage insurance with a down payment of at least 20%. |
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Can cancel existing mortgage insurance at 80% LTV. |
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Lower mortgage insurance costs than an FHA mortgage. |
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Mortgage insurance can be cancelled when home equity reaches 20%. |
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Can be used on all property and occupancy types (primary residence, second homes or investment properties). |
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