Competitive Interest Rates
If you are applying for a conventional mortgage loan, you will find that the interest rates for this loan are often lower than those for FHA loans. These competitive interest rates allow easy ownership for new homebuyers. More specifically, with the recent COVID-19 pandemic, the interest rates have reduced significantly to almost 3% in some cases. For more information about current interest rates or conventional mortgages, give us a call or schedule an appointment.
Competitive Interest Rates
Unlike FHA mortgage loans, you will find that conventional mortgage loans are applicable on several properties. From vacation homes to rental properties or primary residences, conventional mortgages are comparably much more flexible. On the other hand, an FHA mortgage loan can only be applied for your principal property or home, thus looting portfolio options.
Less Down Payments
Depending on your portfolio and profile, you may be eligible for getting a conventional loan with as little as 4% down as well. Many people have the ill-conceived notion that without at least a 20% down payment, you may never qualify for a mortgage yet, we have successfully helped clients without it as well. To learn more about whether you are eligible for a conventional mortgage loan at a reduced down payment, we recommend reaching out to any of our esteemed team members.
Fixed and Adjustable Interest Rates Available
One of the advantages of opting for a conventional mortgage loan is that it allows you to choose between fixed or adjustable interest rates. Over many years selling mortgages, we have found that many people opt for fixed mortgage rates as it allows them to lock in a low interest rate for flat 30 years. However, we recommended considering the option of getting adjustable interest rates if this is not your long-term property. This means that you are not planning on keeping the mortgage offered for less than ten years.