Conventional Loans: Flexible Home Financing with Lendmire

Conventional loans are a popular and versatile mortgage option, ideal for homebuyers with strong credit and stable income. Unlike government-backed loans, conventional loans are not insured by federal agencies, allowing for more flexibility in terms and conditions. Lendmire offers a variety of conventional loan options tailored to your specific financial needs and homeownership goals.

What Is a Conventional Loan?

A conventional loan is a mortgage not guaranteed or insured by the government, such as FHA, VA, or USDA loans. Because they are privately funded, conventional loans often come with stricter qualification requirements but provide greater flexibility in how they are structured.

Key Features of Conventional Loans:

• Fixed or Adjustable Rates: Choose between a fixed-rate mortgage, where the interest rate remains the same throughout the loan term, or an adjustable-rate mortgage (ARM), where the rate can change based on market conditions after an initial fixed period.
• Variety of Loan Terms: Conventional loans offer different loan terms, typically 15, 20, or 30 years, allowing you to select a repayment schedule that aligns with your financial situation.
• Higher Loan Amounts: These loans can often accommodate higher loan amounts, making them suitable for purchasing more expensive homes.
• No Private Mortgage Insurance (PMI) with 20% Down: By putting down at least 20% of the home’s purchase price, you can avoid the added cost of PMI, which is required on many loans with lower down payments.

Down Payment Requirements:

• Flexible Down Payment Options: Conventional loans generally require a down payment of 5% to 20% of the home’s purchase price. However, some programs allow for down payments as low as 3%, especially for first-time homebuyers with strong credit.
• Avoiding PMI: A 20% down payment eliminates the need for PMI, reducing your overall monthly payment.

Why Choose a Conventional Loan?

Conventional loans are ideal for homebuyers who have a solid credit history and can afford a down payment. They offer:

• Flexibility: Whether you prefer the predictability of a fixed-rate loan or the potential savings of an ARM, conventional loans provide the options you need to match your financial goals.
• Faster Processing: Without the need for government approval, conventional loans can often be processed more quickly, helping you close on your home sooner.

Why Choose Lendmire for Your Conventional Loan?

At Lendmire, we understand that each homebuyer’s needs are unique. Our team of mortgage experts will work with you to find the best conventional loan option, whether you’re interested in a fixed-rate mortgage or an ARM. We’re committed to providing personalized service and support throughout the loan process.

Ready to Get Started?

If you’re ready to explore your conventional loan options, give us a call! Our mortgage specialists are here to help you find the right loan to meet your needs and secure the home of your dreams.