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Conventional Purchase and Refinance

What is Conventional Mortgage?

Conventional loans are a popular option for financing a home purchase or making changes to your existing mortgage. They're not backed by the government but instead follow guidelines set by Fannie Mae and Freddie Mac.

Buying a home with a conventional loan:

  • Typically requires a higher down payment (usually 5% - 20%) compared to FHA loans.

  • May offer lower interest rates than FHA loans if you have good credit.

  • No mortgage insurance required if you put down 20% or more.

Refinancing your existing mortgage with a conventional loan:

  • Can help you lower your interest rate and monthly payment.

  • Offers more flexibility than FHA loans, with options like shortening your loan term or cash-out refinances (accessing your home equity as cash).

Speak to a mortgage professional to see if a conventional loan fits your needs!

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