Eligibility Requirements for Conventional Loans

To qualify for a conventional mortgage, borrowers usually need a credit score of 620 or higher, a down payment of at least 3%, and a stable income. Conventional loans typically have more stringent requirements than government-backed loans like FHA or VA loans. At Savvy Mortgage Service, we work with you to ensure you meet the necessary criteria and guide you through the application process to secure the best loan possible.

Benefits of Conventional Loans

Conventional loans offer several advantages, including lower monthly payments if you put down a large down payment and no upfront mortgage insurance costs (once you reach 20% equity). They also come with flexible loan terms, allowing you to choose between fixed-rate or adjustable-rate mortgages. At Savvy Mortgage Service, we offer expert advice to help you understand the various benefits of conventional loans and how they can work to your advantage.

Loan Terms and Interest Rates

Conventional loans come with a wide range of interest rates and loan terms, from 10-year to 30-year fixed-rate options. Depending on your financial profile, interest rates may vary. Savvy Mortgage Service ensures that you get the most competitive rates and flexible repayment terms based on your financial situation and long-term goals.

Types of Conventional Loans

There are different types of conventional loans available, including conforming loans (which meet Fannie Mae and Freddie Mac guidelines) and non-conforming loans (which don’t). Conforming loans generally offer lower interest rates because government-sponsored enterprises back them. Savvy Mortgage Service offers both options, helping you decide which one is right for you.

Why Choose Conventional Loans?

Conventional loans are ideal for borrowers who have good credit and financial stability. They offer more flexibility than government-backed loans and can be used for various property types, including primary residences, second homes, and investment properties. At Savvy Mortgage Service, we’ll help you evaluate whether a conventional loan is the best option based on your needs.

Why Choose Savvy Mortgage Service for Conventional Loans

Savvy Mortgage Service offers personalized guidance for securing a conventional mortgage. Our experienced loan officers help you navigate the complexities of conventional loan requirements, ensuring that you secure the best rates and terms. We are committed to making the process as easy and stress-free as possible.