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Conventional home loans are the most popular mortgage product in Texas.
For Fort Worth home buyers, there's a large mix of low- and no-downpayment mortgages from which to choose. Conventional mortgages are loans underwritten and insured by private lenders and investors instead of mortgages that are government backed like FHA Loans and VA Home Loans.
Conventional loans are "conforming" if they are generally $484,350 or less for a single-family home. There are also established guidelines for borrower credit scores, income requirements and minimum down payments. For example, most conventional loans require somewhere between 3 percent and 20 percent down.
The Conventional Refinance Loan allows Texas homeowners who have a existing home loan to refinance and take advantage of lower mortgage interest rates and lower monthly payments, shortened or lengthened loan terms. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.
We offer great low rates on Conventional Loans for borrowers in the Fort Worth area.
They can be for a variety of terms ranging from 15 to 40 years, and they can have Fixed Rate or Adjustable Rates. Conventional loans with less than 20% down require PMI (Private Mortgage Insurance).
Conforming loans means that they meet the stipulations set forth by Fannie Mae and or Freddie Mac. Non Conforming loans will not meet thoes stipulations (such as credit quality, loan-to-value ratio or loan amount).
The Note, Deed of Trust, Survey and Settlement Statement (HUD-1) should be in the package of documents provided to you by the title company when you closed your current loan.
Getting approved for a mortgage is simple
Every client's situation is different and handled with a unique, personalized approach. As a Mortgage Broker serving Fort Worth, Texas we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.
Contact your Fort Worth, Texas area home loan specialist at 210-656-1134.