A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan requires a 3% down payment. Interconnect Mortgage Inc. in Jupiter, Florida helps buyers secure a conventional loan when purchasing property.
A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.
Applying for a Conventional Loan
Typically, a conventional loan requires that borrowers have 3-20% of the home's value as a down payment. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.
Typically, we will review the following items with you when applying for a conventional loan:
- Your Employment (Is your income and employment steady?)
- Down Payment (How much can you afford to put down?)
- Credit History (Is your credit good, do you have late payments?)
In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.
Learn about the Home Buying Process from Fannie Mae, and then get preapproved for a conventional loan from Interconnect Mortgage Inc. in Jupiter, Florida!
Conventional Loan Terms
Conventional loans are available in fixed-rate or adjustable-rate (ARM) loans and have a term of 15, 20 or 30 years. The shorter the term, the lower the rate. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.
Conventional loans are perfect for homeowners who have funds available for a down payment and excellent credit. The application process goes quicker than FHA loans or VA loans since the government isn't involved in the application process. Homeowners with conventional loans also find their equity builds up quicker since a larger down payment is needed.
To see if you pre-qualify for a Conventional home loan, contact Toni Taylor today at 561-207-8049.
Toni and her team played a huge role in helping to make this process seem less daunting and tedious. They were incredibly responsive and went above and beyond to help us execute a quick close. Highly recommend this local resource to anyone who wants 5 star service!!
Toni Taylor did an outstanding job for us on our recent purchase of a home in Florida. She was extremely knowledgeable, helpful, always accessible and delivered great results for us. When we told her that membership fees for our development would be going up $10,000 in a little over a weeks' time, she came up with a plan to help us close before the increase. She is quite pleasant to work with too.
This is a great team to work with in buying a home, not only very dedicated but kept me informed every step of the way. They have your best interest and stays on top of everything that needs to be done. Nothing falls through the cracks. Thank you so much. Very appreciated in all you did for me.
As a first time home buyer, I was not sure what to expect from the lending process. People warned me about how time consuming and exhausting it would be. In actuality, it turned out to be a breeze with no surprises or delays! I was able to close on the exact date that I wanted. I am very happy with how everything went from beginning to end. I would highly recommend Toni Taylor!
Everyone at this company was great!! Had my refinance done quickly and efficiently. Very easy to work with!! Both Toni and Brian were extremely helpful. Thank you!
First time home buyer , Tony experienced team guided me in a perfect , easy and no hussle way in getting a mortgage loan. I would recommend her to all my friends and to anyone that is looking for a home purchase or mortgage refinance.
Toni Sue Taylor Gibson from Inlet Mortgage along with her team were great to work with, thoroughly enjoyed the experience. As a first time home buyer, they were very helpful, responsive and patient with me. No doubt an amazing team and I recommend their services.
Working with Toni at Inlet Mortgage was a fantastic experience. She and her team were so responsive to my questions and concerns throughout the process and I never felt "out of the loop." Buying a home is a trying process but they certainly made the loan process stress free, THANK YOU!!
Toni was very professional and helpful during the process and pushed lender services to get on time closing. I would highly recommend Toni Gibson if anyone is looking for a home in the south Florida area.
We had a great experience with her. She made me feel at ease and everything she told us was accurate. I would definitely recommend her and would love to work with her again in the future. She is very trustworthy.