If you would like to know the rate for which you qualify, Apply Online, and we will give you an accurate assessment of what you can afford. If you have any questions, just click Contact Us or call us at 888-616-6857.
A 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months. Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
5% down payment required on purchase
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)
20 Year Fixed
This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lessor rate.
15 Year Fixed
This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type loan are higher than the other two loans.
Generally, the longer a lender agrees to keep the interest rate "fixed", the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.
It's Easy! Get pre-qualified NOW!
Fill in your details below, and start your application with a free consultation.
What Clients Say
"During a time of crisis, Walter provided what was needed to get through a difficult time for me and my family. We sought him out a second time when were in a much better position because we can trust him."