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.
If you have a steady income and a good credit score, a conventional loan may be a great option for your purchase or refinance. Many home buyers opt for a conventional loan to take advantage of their ideal rates, lower costs, and additional flexibility. Before applying for a conventional loan, check to make sure that you’ll must meet these.
Conventional loans can offer additional flexibility for different types of local properties. Borrowers can use conventional loans to finance the purchase or refinance of single-family homes, condominiums, multi-unit properties, and planned unit developments.
If you have a decent credit score and available funds to make a down payment on an eligible property, it is likely you will qualify for a conventional loan when you are ready to purchase a home.
Most importantly: don’t be afraid to conduct your own research. There are many things to learn and to be prepared for before committing to taking out a loan. Make sure to speak with a mortgage broker about the perfect loan for you. Ask your questions and gain the knowledge that you’ll need to make a confident decision. It is also wise to learn more about the most common mortgage mistakes, so that you are prepared to avoid them. One of the most common mistakes people tend to make when applying for a conventional loan is not checking their credit score in advance and ignoring the real expenses of home ownership in the area.
Let me start by saying thank you, thank you Rob Davidson of Loan Leaders for helping me with my Loan for a second time. That’s right, for the second time. Rob’s attention to detail and market knowledge played a crucial role in determining when exactly to apply and lock interest rates. Rob will take the time to explain every step in the process and ensure you obtain the best Loan possible for you unique set of circumstances. His professionalism, attitude and kindness shines through in everything he does. You simply can’t go wrong with Rob Davidson at the Helm.
Many Thanks Rob, it was a pleasure to work with you once again.Brian L. from Riverside, CA
Extremely helpful and professional throughout the whole home buying process. Danny Schultz was available for anything we needed and treated every request with the urgency and efficiency you look for when dealing with the stressful task of buying a house. I have already recommended Loanleaders of America to my friends and family and will definitely continue too in the future. Thank you so much to Danny and the whole team at Loanleaders for making us feel like we were in good hands throughout every step of the way! If there was an option for more than 5 stars, this team deserves it!Jake M. from Chino, CA
First of all, thank you so much for the wonderful experience you provided during my home refinance. Andrew and Gina provided excellent service and communication. I will certainly be referring them and LoanLeaders to anyone I know who is looking for a loan. Thanks again!
Ann’ette P. from Woodland, WA
I would like to start off by saying that it was a pleasure to work with Zachary. He exemplifies what is to be considerate of the customer. He was always on his A game in helping in anyway that he could. He made himself available at all times and was very knowledgeable as well. Thanks for having him as a part of your team. He is truly an asset!Barrin H. from Homestead, FL
Jason was phenomenal! He worked with us through our issues, and helped us quickly with every roadblock we ran into. I definitely would recommend this mortgage company to anyone I know.Adam M from Elkins Park, PA
Rob has assisted my husband, myself and our families with many, many refinances over the past 7 years. He is very knowledgeable, responsive and goes the extra mile to find the right solution for each client. I would recommend him without hesitation!R Marienlun from Martinez, CA
Jeff did a great job for us with no problems closed on time was very helpful with all our questions. Even a couple years after the transaction was completed he is still there to help answer any questions that may come up.M Reimbold from Yorba Linda, CA