Compared to government-backed products, conventional home loans are more flexible in their terms and have fewer restrictions. For instance, conventional home loan borrowers can avoid the cost of private mortgage insurance(PMI) when they make the standard 20% down payment. Or they can choose to pay for PMI but make a smaller down payment.
Other advantages to conventional loans include:
- Fewer penalties and fees
- Good interest rate for borrowers with good credit
- Flexible terms (length)
- Option for second home purchases
- Flexible need for mortgage insurance
- We offer several Conventional Home Loan options.
Elite Mortgage offers conventional loans as 30-year and 15-year fixed rate options, as well as adjustable-rate mortgages. We also are available to help you with high-dollar conventional home loans that are known as “jumbo” loans.
If you are looking for a conventional home loan then Elite Mortgage can help you. Please contact a Elite Mortgage home loan experts. Our team is at your disposal.