Conventional Loan
Conventional mortgages are a great choice for many homeowners because they offer lower costs than some other popular loan types.
What’s a Conventional Mortgage?
A conventional mortgage is one that isn’t guaranteed or insured by the federal government.
Most conventional mortgages are “conforming,” which simply means that they meet the requirements to be sold to Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages from lenders and sell them to investors. This frees up lenders’ funds so they can get more qualified buyers into homes.
What’s the Next Step?
Doing your homework on the basics of mortgage lending early on can set you up for success. Mortgages are not one-size-fits-all products, so you need to know how they work and how they differ from one another. This will help you find what’s best for your situation.
After you’ve obtained your mortgage, take a breather – you just took a major step. Keep your credit clean, avoid taking out other loans or lines of credit.
Do I Qualify?
Take the first step toward the right mortgage. Apply online for expert recommendations from The Mortgage Professionals, Inc..
- Purchase/Refinance
- Cash-out
- First-time Home Buyers
- Great Rates