Conventional home mortgage loans have either fixed or adjustable rates. A fixed-rate mortgage means that your monthly mortgage payment remains the same for the life of the loan, and typically has a term of 15 or 30 years. A shorter-term loan can often denote a lower interest rate. An adjustable-rate mortgage, or ARM, fluctuates in relation to market index; therefore, monthly payments can increase or decrease accordingly.
Conventional loans generally have the most rapid qualifying process, as the guidelines are clear and concise. However, every conventional mortgage lender will review and verify a borrower’s credit, income and assets, along with an appraisal of the property.
Fast & Easy Application Process
It is recommended to look for homes that cost no more than three to five times their annual household income.
Get all of the paperwork required to complete the purchase, including your loan documents.
Once all previous steps are done, you are ready to get funds and move into your new home soon!
The Mortgage App That Puts You In Control
