A conventional fixed rate mortgage is a little more stricter to qualify for when compared to an FHA loan. A conventional fixed rate mortgage typically costs less then a government backed loan. Every situation calls for a unique solution, which is why we offer custom loan terms to meet our borrowers needs.
The lower the term the less interest you’ll pay over the life of the mortgage.
The higher the mortgage term, the lower the monthly payment, but you’ll pay more in mortgage interest charges over the life of your home mortgage.
Whether your looking to purchase a new or resale home, or looking to take advantage of historically low mortgage rates, we can help you achieve your borrowing goals
A 30 year fixed conventional mortgage is a loan that has the same monthly mortgage payments for 360 months. That is to say that the the principal and interest payments are the same for the entire period of the loan.
Conventional mortgage loans have stricter guidelines to qualify for compared to qualifying for an FHA loan and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be completely eliminated with 20% down payment.
This type of mortgage is the same as the 30 year fixed rate mortgage except the life of the mortgage is 240 months as opposed to 360 months. Since the mortgage is being paid slightly faster than the 30 year fixed rate mortgage, monthly payments for this type mortgage are higher than the 30 year fixed rate mortgage. Some Lenders allow for a lessor rate.
This type of mortgage is the same as the 30 year fixed rate mortgage except the life of the mortgage is 120 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate mortgage or the 20 year fixed rate mortgage, monthly payments for this type mortgage are higher than the other two mortgage durations. Generally, the longer a lender agrees to keep the interest rate “fixed,” the greater the risk to the lender, therefore, in most instances, interest rates on 10 year fixed rate loans are slightly lower than on a 20 or 30 year fixed rate mortgage.
All brokers, loans and lenders are not equal, which is why it’s important to have the right brokerage team on your side.
Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a home mortgage. We even have programs for Veteran and retired folks.
Minimum of 5% down payment required on purchases
Minimum credit score is usually 620
Post- bankruptcy: can qualify after 4 years
Other conditions may apply on a case-by-case basis and subject to lenders qualification criteria.
