Most Common Type of Mortgage
A conventional mortgage loan is the most common type of mortgage. Conventional loans are those that meet specific qualifications and maximum loan amount guidelines. Yet, government programs do not insure conventional loans. Fannie Mae and Freddie Mac determine the standards of conforming or non-conforming loans.
Fixed or Conventional Mortgage Loans
Conventional mortgage loans can either have fixed or adjustable interest rates, depending on each individual situation and geographic location. The difference between a fixed rate and an adjustable rate is simple. An adjustable rate offers a lower introductory rate, but can be adjusted throughout the loan term according to specific benchmarks. A fixed rate entails a set interest rate for the length of the mortgage term without changing.
Do You Qualify for A Conventional Loan?
Are you thinking about becoming a homeowner? Call (646)-519-7523 to see if you qualify for a conventional loan with GuardHill Financial. Please be advised a conventional loan is not the same as a conforming loan, as conforming loans have a much higher loan limit and mortgage rate. Conventional loans are the best choice if you want flexibility in your life.
GuardHill Financial offers affordable rates and simple terms and conditions for loan approval. Inquire with us today and get pre-approved for your conventional loan.