December 7, 2022
Conventional home loans are an attractive option for homebuyers, from a fixed interest rate to no prepayment penalties. It also puts you on the fast track to getting the keys to your new home because there's typically less paperwork involved.
Who It’s For
Conventional loans are funded by private lenders, such as banks. They’re geared toward the average buyer who has a decent credit score and has saved up for a down payment.
Fixed Interest Rate
Your interest rate is fixed for the life of the loan, so you don’t have to worry when rates go up.
No Prepayment Penalties
With a conventional home loan, you can pay off your mortgage at any time without prepayment penalties.
No Mortgage Insurance Option
You may be able to avoid mortgage insurance with a down payment of 20% or higher.
Buy or Refinance
Conventional loans not only offer you an opportunity to purchase a home, but you can also refinance.
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