We make your mortgages simple
Thinking about purchasing a home or refinancing? All Things Mortgage has many flexible options that can work for you.
Quick Mortgage Quote
What is your mortgage goal?
REFINANCE PURCHASE
Select the property type
SINGLE FAMILY CONDO / TOWNHOME MULTI-UNIT MOBILEHow will your property be used
PRIMARY RESIDENCE VACATION HOME RENTALWhere is the property located?
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What is the property's value? It's OK to estimate
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What is your current mortgage balance? It's OK to estimate
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What is your current mortgage rate? It's OK to estimate
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Where are you currently in your mortgage process? It's OK to estimate
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What is your estimated purchase price?
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Can you make a down payment of at least 5%?
YES NOAre you currently working with a real estate agent?
YES NOHow would you rate your credit?
EXCELLENT VERY GOOD GOOD FAIR POORIs your mortgage currently FHA-insured?
YES NO NOT SUREWhat is your address?
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What is your name and Email Address?
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What is your phone number?
FINISH
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Conventional Loans
Conventional doesn’t always necessarily translate to being something good. But in the case of mortgages, the word ‘conventional’ means saving cash. Enjoy the other benefits that come with availing a conventional loan; home equity, flexible repayment schedules, lower interest rates, financial concessions, and lower costs.
Understanding Conventional Mortgages
Statistics have shown that over 60% of home purchases are accomplished with conventional home loans. Conventional mortgages leave plenty of room for negotiations.
Fixed-rate mortgage
Interest rates on FRMs stay the same throughout the life of the loan. Commonly, fixed rate mortgages last from 15 to 30 years. With no increases to worry about each month, you can plan your budget much easily.
Adjustable-rate mortgage
Take advantage of lower rates offered by adjustable-rate mortgages. You can now buy bigger homes for less the price; very useful and attractive for first-time homeowners and other with moderate income.
Need a Consultant for Your Mortgage Options?
Contact Us Today
For all of your mortgage options concerns, don’t hesitate to come to us. We provide services that are right for your budget and tailored to your preference. Drop us a line today.
Reasons to Choose a Conventional Mortgage
ARM AND FRM AVAILABILITY
Conventional mortgage loans offer the advantage of choosing between ARM and FRM loans. Choose the one that works especially well with all of your financial plans.
LOWER INTEREST RATES
Conventional loans lets lenders adopt different rules to fit specific circumstances. Find numerous opportunities for lower interest rates with loans that remain constant over the years.
INSTANT HOME EQUITY
Reap the benefits of penalty-free loaning. Minimum down payment required for most conventional mortgages come to 5% of the total value of the house — quite affordable.
FLEXIBLE REPAYMENT SCHEDULES
Conventional mortgage lenders offer several repayment plans. From 10 to 30-year plans. The shorter the repayment time frame, the lower your interest rates will be.
FINANCIAL CONCESSIONS
Conventional loans are notable for having higher interest rates than other loans. But the good thing is, lenders offer borrowers a series of concessions, so your financial-worry free.
LOWER CLOSING COSTS
Fewer requirements means easier preparation. That also equates to lower closing costs which often include legal fees, title insurance, home inspection fees, origination fees, etc.
Requirements
Conventional mortgages are created by the lender. And for this reason, their requirements vary (widely, at times) from one lender to another. It is highly possible to negotiate for relaxed qualification standards. You can even ask for manual underwriting. There are conditions, but your loans will be within reach regardless of your creditworthiness.
CREDIT SCORE
Standard credit score should be at least 620, but it’s perfectly possible to get a conventional mortgage loan with a score lower than that if you have considerable amounts of income and savings.
MINIMUM DOWN PAYMENT
Minimum down payment is at 3% — the base minimum. You won’t find another lender who offers down payments lower than that. The actual amount, however, varies from one lender to another.
CASH TRAILS
Conventional mortgage loans usually call for the borrower to have at least 3 months’ worth of cash reserves after closing. Plus, it is a requirement to prove your income and assets with the proper documents.
Qualification Requirements
Conventional mortgages are created by the lender. And for this reason, their requirements vary (widely, at times) from one lender to another. It is highly possible to negotiate for relaxed qualification standards. You can even ask for manual underwriting. There are conditions to be fulfilled, but your loans will be within reach regardless of your creditworthiness.
CREDIT SCORE
Standard credit score should be at least 620, but it’s perfectly possible to get a conventional mortgage loan with a score lower than that if you have considerable amounts of income and savings.
MINIMUM DOWN PAYMENT
Minimum down payment is at 3% — the base minimum. You won’t find another lender who offers down payments lower than that. The actual amount, however, varies from one lender to another.
CASH TRAILS
Conventional mortgage loans usually call for the borrower to have at least 3 months’ worth of cash reserves after closing. Plus, it is a requirement to prove your income and assets with the proper documents.
Considerations
To be fair, conventional mortgages have their fair share of points in need of thinking closely first. There are a couple of things you need to consider before completely applying for a conventional mortgage. Keep this in mind:
- Interest rates vary from one lender to another. And because of this, there is a chance that interest rates for conventional loans are higher than FHA ones.
- You need to pay for closing costs. They include fees for appraisal, credit reports, insurance, home inspection, among other things. Note however, that negotiations are perfectly doable.
Is Your Property Qualified for a Loan?
Are you Eligible for Loan
Good news! Almost any type of home is qualified for conventional mortgages. Usually, most of the basic conditions only include that a property should be structurally sound, safe, and must pass the general housing criteria. Its flexibility and and relaxed qualification requirements have turned it into a popular choice for many who look to purchase homes.
1, 2, 3 or 4-unit Home
Unit homes or small residential buildings with several apartments.
Second Home
A residence you occupy in addition to your primary residence.
Rental or Investment
Properties bought in the name of investments.
CONDOMINIUMS
A single, individually-owned housing in a multi-unit building.
MANUFACTURED HOMES
Prefabricated housing assembled in factories and transported for use.
PLANNED UNIT DEVELOPMENT
A designed grouping of both varied and compatible land uses.
Is a conventional All Things Mortgage for you?
Contact All Things Mortgage and we will help you determine that. Our mortgage experts will check to see whether you meet the requirements and how much you qualify for. They will also advise on the steps to take to increase your odds of getting a conventional mortgage.
