Conventional Loans

Conventional mortgage loan programs are traditional loan options offered by banks and financial institutions to help individuals purchase a home. Writing for SEO involves incorporating relevant keywords, creating high-quality content, and following best practices to optimize the content for search engines.

Pros:

1:  Accessibility: Conventional loans are widely available and offer a range of options for borrowers.
2:  Competitive Interest Rates: These loan programs often provide borrowers with competitive interest rates, especially for those with good credit scores.
3:  Flexible Loan Terms: Borrowers can choose from various repayment terms, including 15-year or 30-year options, allowing them to customize their mortgage based on their financial situation.
4:  Lower Mortgage Insurance: Conventional loans may require lower mortgage insurance premiums compared to government-backed loan programs.
5:  No Prepayment Penalties: Borrowers have the flexibility to pay off their loans early without incurring any prepayment penalties.

Cons:

1:  Stringent Requirements: Conventional loans typically have stricter qualification criteria, such as higher credit score requirements and lower debt-to-income ratios.
2:  Larger Down Payment: Borrowers often need a substantial down payment, typically around 20% of the home’s purchase price, to secure a conventional loan.
3:  Private Mortgage Insurance (PMI): If the down payment is less than 20%, borrowers are typically required to pay for PMI until they build sufficient equity in their home.
4:  Limited Flexibility for Low-Credit Borrowers: Individuals with lower credit scores may face challenges in obtaining a conventional loan or may be offered higher interest rates.
5:  Appraisal Requirements: Conventional loans often require an appraisal to determine the property’s value, which can lead to potential delays and additional costs.

LET’S PLAN YOUR MORTGAGE TODAY

Testimonials

PRE-QUALIFICATION MAKES YOU MORE ATTRACTIVE TO SELLERS

CONTACT

First-time buyer? Move-up buyer?
Investor? Refinancing?
Let’s plan your mortgage.

Fairway Mortgage, LLC
NMLS #2767473

Office: (541) 654-8285
Cell: (541) 513-9000
Email: contact@fairwaymortgagellc.com
350 West 5th Avenue
Eugene, OR 97401

Name: *
Fill out this field
Email: *
Please enter a valid email address.
Phone: *
Fill out this field
Message: *
Fill out this field
Just to prove you are human: 16 - 14 = ?
Enter the equation result to proceed