Conventional Loans
Conventional loans are our most popular for a reason.
They can be used to purchase or refinance a home, borrowers can opt for fixed or adjustable interest rates, and the minimum down payment is 5%.
A 3% down payment option exists for first-time homebuyers and other qualifying borrowers.
After 20% equity is reached in the home, mortgage insurance drops and borrowers can save thousands of dollars over the long term. Sellers are also allowed to assist buyers with closing costs when using a conventional loan.
Many homeowners that financed homes through FHA loans switch to a conventional when refinancing in order to drop monthly mortgage insurance payments.
With a conventional loan, after 20% equity is reached, mortgage insurance drops and borrowers can save thousands of dollars over the long term.