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Conventional Loans

Conventional loans are any mortgage that is not guaranteed or insured by the federal government. Although a conventional loan is not insured or guaranteed by the government, it still follows the guidelines of government-sponsored enterprises, Fannie Mae and Freddie Mac. 

Conventional loans may be “conforming” and “non-conforming”. Conforming loans follow the guidelines set by Fannie Mae and Freddie Mac. These guidelines put the maximum purchase amount for a first mortgage at $647,200 for a single-family dwelling. If the purchase is for a property that is either a two-family, three-family, or four-family dwelling, larger values apply before the loan is no longer considered a conventional loan. There are a few simple steps that are required for all conventional loans, from first-time homebuyers to seasoned real estate investors, the process is equal and regulated for all. Once you begin the process your local Mortgage Loan Officer and Lender will take control and guide you through the process as required by law.

10 Simple Steps to Apply for a Conventional Mortgage Loan

  1. Use Our Online Mortgage Calculators to Calculate Approximate Payments You Can Obtain

  2. Once You Are Ready to Apply for a Mortgage or Refinance Visit our Mortgage Partners

  3. Gather Your Documents and Prepare to Finalize Your Application

  4. Submit Your Loan Application

  5. Upload Documents to Your Mortgage Lender

  6. Sign Your Initial Loan Disclosure Detailing Interest Rates, APR, Monthly Payment, and Closing Costs

  7. Work With Your Mortgage Loan Officer by Providing All Necessary Documents in Timely Manner

  8. Receive Conditional Approval From Lender - This Means Your Mortgage Loan is Tentatively Approved Pending Final Conditions

  9. Submit Final Conditions to Mortgage Loan Officer

  10. Receive Your Clear to Close on Your Mortgage Loan!