When you’re in the market for a home, conventional loans often stand out as a straightforward and dependable choice for many buyers. These loans come with several advantages, such as competitive interest rates, stable terms, and fewer limitations compared to government-backed options. At American Fidelity Mortgage, we are dedicated to guiding you through the process of securing the best conventional loans available, ensuring you receive optimal financing for your home.
Conventional home loans are mortgage products that are not insured or backed by the federal government. Typically, these loans are provided by private lenders, including banks, credit unions, and mortgage brokers. Because they lack the support of government agencies like the FHA or VA, they usually require a higher credit score and a larger down payment.
While the specifics of conventional loans can differ in terms of interest rates and requirements, they generally offer more flexibility for borrowers with strong credit, presenting a variety of loan structures and repayment options. If you’re seeking a home loan with competitive rates, a conventional mortgage could be the ideal choice for you.
Unsure about how much you can afford or what your monthly payments will be with a conventional home loan? American Fidelity Mortgage provides a conventional loan calculator that simplifies estimating your mortgage payments, including principal and interest. By inputting your loan amount, interest rate, and loan term, you can quickly gauge what to expect financially.
A residential conventional mortgage in Ruskin FL can be an excellent choice if you’re aiming to buy a primary residence. Here are some reasons why many homebuyers prefer this type of mortgage:
Higher Loan Limits: Conventional loans often come with higher loan limits, enabling you to buy more expensive homes compared to other loan types.
More Control Over Terms: With a residential conventional mortgage, you have greater flexibility regarding the loan duration and other terms, allowing you to select a plan that suits your financial needs.
Easier to Refinance: If you have a conventional home loan, refinancing can be more straightforward later on if you wish to benefit from lower interest rates.
Many homebuyers choose conventional home loans for various reasons when buying a house. Here are some of the main benefits:
Since conventional loans aren’t backed by the government, lenders often provide lower interest rates to borrowers with strong credit histories. This can lead to substantial savings over the duration of your loan.
Conventional loans typically allow you to customize your mortgage by choosing from different loan terms, such as 15-year or 30-year options. This flexibility helps you align your mortgage with your financial objectives.
In contrast to FHA loans, most conventional loans do not require private mortgage insurance (PMI) if you make a down payment of at least 20%. This can lead to reduced monthly payments and overall cost savings.
re you ready to discover the best conventional home loans for your next property? Reach out to American Fidelity Mortgage today at (813) 732-3744 to talk with one of our mortgage specialists. Whether you’re buying your first home or refinancing your current one, we’re here to help you secure the financing you need.