When buying a home, one of your first steps will likely be securing a loan. While there are many types of mortgage loans, conventional loans are one of the most common options that first-time homebuyers should consider.
Conventional loans are offered by private banks, credit union, mortgage brokers, lenders and most savings institutions because they aren’t created by or insured through a government entity. In most cases, a conventional loan will offer lower interest rates.
Best fit for
Conventional mortgages are ideal for borrowers with good credit and funds for a down payment. In addition, there are many low down payment options available.
How a mortgage professional can help
Conventional mortgages can come in a variety of shapes and forms, usually with a 15 or 30 year term. A mortgage professional will be able to assist in figuring out a percentage for your down payment and a structure that works best for your financial standing. We even offer free mortgage affordability calculators.
If you’re in the market for a new house, make sure you understand your loan options and contact a mortgage professional with knowledge in all types of loan programs. For more about other types of mortgage loans, visit elevationscu.com/mortgageblog.
By Michael Roth. Michael is a Mortgage Loan Originator at Elevations Credit Union in Boulder. If you have questions regarding mortgages, please call 303.642.5617 or e-mail firstname.lastname@example.org. NMLS# 809383.