What Does the Rest of the Year Hold for Home Prices?
Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home
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A residential conventional mortgage loan is a mortgage loan that is not backed by a government agency such as the Federal Housing Administration (FHA), the Veterans Administration (VA) or the United States Department of Agriculture (USDA).
Conventional loans come in all shapes and sizes and can be used to purchase primary residences, secondary homes and investment properties. Conventional loans usually require a higher credit score and a larger down payment than government-backed loans, but they offer some benefits that government-backed loans do not, such as the ability to cancel Private Mortgage Insurance (PMI) once you have 20% equity in your home.
If you are considering a conventional loan, it is important to speak with one of our loan specialists to see if you qualify and to compare the benefits and drawbacks of this type of loan against other types of loans.​​
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There are several types of conventional loans that you may come across as you compare lenders and mortgage options. Here are some of the most common ones and how they work.
Conforming conventional loans are loans that adhere to the standards set by Fannie Mae and Freddie Mac, including maximum loan amounts discussed above.
Jumbo loans allow you to borrow more than the maximum lending limit for conforming loans. However, they typically require a higher credit score, lower debt-to-income ratio (DTI) and larger down payment.
A portfolio loan is a conventional loan that a lender chooses to keep in its own portfolio rather than selling it on the secondary market. This option allows the lender to be more flexible than what the Fannie Mae and Freddie Mac standards allow, especially with credit scores and DTIs.
These loans are fully amortized, giving homebuyers a set monthly payment from the beginning to the end of the loan repayment period, without a balloon payment. Amortized conventional loans can have fixed or adjustable mortgage rates.
A fixed-rate mortgage loan has the same interest rate—and, therefore, the same monthly payment—throughout the life of the loan. With an adjustable-rate mortgage, however, you'll get a fixed interest rate for a set period, typically between three and 10 years. After that, your interest rate can adjust each year based on the current market rates.
Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home
If you tried to buy a home during the pandemic, you know the limited supply
There’s no doubt about the fact that the housing market is slowing from the frenzy
When the pandemic hit in 2020, many experts thought the housing market would crash. They
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