A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. When you meet with a lender, they’ll ask for documentation such as recent paystubs, tax returns, bank statements, and other financial information. They want to make sure you have a steady income and can make your monthly mortgage payments on time. You will also need a down payment to qualify for a conventional loan.
CONVENTIONAL LOAN BENEFITS
◌ Fast loan processing
◌ Low interest rates
◌ Reduced PMI
◌ Down payment options
◌ Various term lengths
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