A conventional loan is a type of mortgage that is not insured or guaranteed by a government agency. It is offered by private lenders and typically has stricter requirements but offers more flexibility in loan amounts and property types. Private Mortgage Insurance (PMI) may be required for down payments less than 20%.
Conventional loans come in different terms, such as fixed-rate and adjustable-rate mortgages, and borrowers can choose from various repayment periods, typically ranging from 10 to 30 years. These loans are commonly used for purchasing or refinancing primary residences, second homes, and investment properties.
Contrary to popular belief, 20% down is not required to get a conventional loan. However, with less than 20% down, there is a possibility of paying PMI.
With our tools and knowledge, we're here to help guide you, starting with our Conventional Loan Qualifier.
The Conventional Loan Process
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