Ready to learn more about a conventional loan?
Conventional loans are any loans that are non-government funded. Unlike FHA and VA loans, conventional loans are held to different standards and qualifications. Conventional loans are available in both conforming and non-conforming. Conforming conventional loans are stricter and typically follow loan limit guidelines, whereas the non-conforming conventional loans offer the added flexibility to exceed the loan limits enforced by the government and government-backed agencies.
In terms of mortgages, conventional loans usually offer the best interest rates, meaning they can result in lower monthly payments. They are generally considered the steadiest, safest type of loan, and allow the borrower to avoid rising their mortgage rates.
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