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Different Mortgage Loans Today Conventional
Yesterday I talked about loans and purchasing and for the next few days, I will go over the different types of loans.
Today I will go over some general information about what is a conventional loan.
Conventional mortgages require a 5% down payment, now you do have some lenders that will finance with 3% down payment, but most are requiring 5%, to avoid PMI, (private mortgage insurance). What is PMI, this is an insurance that the lender purchases just in case of any losses. Once you've reached 20% loan to value, by a combination of value and/or paydown, you have the ability to no longer pay PMI on a monthly basis.
How to avoid PMI, well that's easy, put down 20% and you won't be required to pay a monthly PMI amount. Note--this is only when you have a conventional loan.
Conventional loans do require your credit to be on the up and up and not very accepting of any credit issues, or income that's not standard income, late payments, or any hiccups you've had.
I will always refer you to a mortgage professional for additional info.
Rates are based on your credit score. That's why it's important to review your credit and understand what your credit shows about you and work on "on time" payments, paying your students loans, car payments, even your utilities at times are also reviewed.
This is just a general overview, for more ways to of financing your home, or referral to a mortgage professional, please reach out to me.
Orlando Ayala, PA
Multi-Million Dollar Producer
La Rosa Realty, LLC
"Turning Your Dreams Into Reality"
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*If you are currently listed/working with another licensed Real Estate Broker, this is it not intended as a solicitation.*