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A conventional loan is a home mortgage not insured or guaranteed by a government agency. Instead, it’s backed by private lenders, which allows for greater flexibility. These loans are a popular choice for borrowers with solid credit and stable finances, as they often come with competitive interest rates and terms. At Best Suited Mortgage, our specialists are dedicated to helping you secure a loan that fits your financial goals, guiding you from application to closing.
Cancelable PMI: Unlike some loans where mortgage insurance lasts for the life of the loan, you can cancel Private Mortgage Insurance (PMI) on a conventional loan once you have at least 20% equity in your home. This can help you save a significant amount over the life of your loan.
Flexible Terms: Conventional loans offer a variety of repayment terms, including 15-year or 30-year fixed-rate mortgages, giving you control over your monthly payments and interest costs.
Use for Second Homes & Investment Properties: A key advantage of conventional loans is that they can be used to purchase second homes, vacation homes, and investment properties. This is a crucial distinction, as government-backed loans like VA, FHA, and USDA loans are strictly for primary residences and do not allow for the purchase of non-owner-occupied properties.
A conventional loan could be the right choice for you if you are looking for a flexible mortgage product that can be applied to a variety of properties. Lenders typically look for a solid credit history and a steady income. While a 20% down payment is ideal to avoid PMI, you may be able to qualify with as little as a 3% down payment. Whether you are buying your first home or expanding your real estate portfolio, our team will help you understand all the requirements and find a solution that works for you.
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Best Suited Mortgage is a Texas DBA of Blucommunity Mortgage LLC
All loans are subject to credit approval. This is not a commitment to lend. Terms and conditions may apply and are subject to change without notice. Programs, rates, and eligibility subject to underwriting approval and availability. Equal Housing Opportunity.
