Conventional Loans

  • Conventional loans are considered the “Standard” type of loan option and the most popular for clients

  • The length of term can be anywhere from 8-30 years

  • 15 and 30 year terms are the most common

  • The loan can be fixed or adjustable

  • Conventional loans can be used for primary, 2nd homes or investment properties

  • This is the best option for clients looking to put at least 3% down for purchasing or who already have equity in their home for refinancing

  • Monthly Private Mortgage Insurance, also known as (PMI) is typically required until you get 20% equity in your home for conventional loans

  • Standard qualifications are required for these loans