Conventional
Home Loans
Is a conventional loan right for you?
Yes, that’s correct! Conventional home loans can be a good option for borrowers who are looking for a mortgage with low fees and a straightforward application process.
Benefits of a conventional loan
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- Low fees: Compared to other types of mortgage loans, conventional home loans typically have lower fees and charges, such as application fees, appraisal fees, and mortgage insurance premiums. This can save borrowers money in upfront costs and over the life of the loan.
- Flexible terms: Conventional home loans offer a wide range of terms and options, including fixed-rate and adjustable-rate mortgages, and various repayment terms. This can give borrowers the flexibility to choose a loan that fits their needs and financial situation.
- No mortgage insurance requirement: Conventional home loans may not require mortgage insurance if you make a down payment of 20% or more. This can save borrowers money on monthly mortgage payments.
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Conventional loan eligibility requirements
- A credit score of 620 or higher
- Minimum 3% down down payment
- Required income documents
It’s important to determine your budget and financial goals before considering any home financing options. This will help you determine how much you can afford to spend on a home and what type of financing will best meet your needs.
