Conventional Home Loans
Mortgage brokers have become the lifeblood of the mortgage industry. Working on behalf of customers to garner the best home loan, mortgage brokers are tenacious and resilient. After listening to your needs and wants in a home mortgage loan, mortgage brokers then take your information to the banks or other financial lending institutions to get the best rates and terms.
Pineywoods Mortgage in Tampa & Illinois is a top-rated mortgage broker who works with first-time home buyers, as well as those looking to refinance their existing home loan or take out a home equity loan on their home. Here, we’ll discuss what a conventional loan is, and its advantages over other types of home loans. Contact us today to get started!
If you’re done with renting and ready to take the first step toward owning your own home, you’ll probably need to look at getting a home loan. At Pineywoods Mortgage, we strongly believe in pairing the right person with the right loan. We also know that conventional loans are the most popular loan type used. Are they the smart choice for you?
Conventional loans are a type of home loan that, unlike VA or FHA loans, the government does not insure. Instead, it receives backing from private lenders, and the insurance is usually paid by borrowers. They often feature a number of term lengths and quick processing times. To qualify for a conventional loan, your credit score must be at least 620, and you should be ready to put down twenty percent for the down payment on your new piece of real estate.