You’re ready to make a change. You’re tired of renting, done with annoying roommates, and you want a house that you can call your own. To make that a reality, you’ll need to talk to a qualified loan officer. There’s a good chance that you’ll be recommended a conventional loan since it is the most popular kind of loan out there. But, is it the right option for you?
Conventional loans are a category of mortgage loan that isn’t insured through the government. Instead, it’s backed by private lenders and the insurance is often paid by the borrower. To qualify, you’ll need a credit score of at least 620 and a minimum down payment of three percent. Conventional loans typically feature low-interest rates, numerous term lengths, and rapid loan processing.
To determine if a conventional loan is a wise move for you, partner with Michelle McGregor Home Loans. With more than a decade of experience, we have a deep understanding of loan categories and processes. We’ll answer all your questions and pair you with a loan that makes sense for you. To get started, contact us online or by phone today.