One of the most common loan programs in America, conventional 30 year fixed loan. Conventional loans are great for borrowers with good to great credit scores. With Conventional loans there are set underwriting guidelines set by Fannie Mae and Freddie Mac.
Purchases - You can get a home with as little as 3% down payment. But, anytime you have a conventional loan with less then a 20% down payment, you will have PMI (Private Mortgage Insurance). PMI is either paid monthly with your mortgage payment, or it is paid up front (called Lender Paid PMI) which comes with a higher interest rate. Depending on your down payment and credit score, often times lender paid PMI is a better deal for the borrower. Conventional monthly PMI eventually goes away, but it is something to factor in.
Refinances - Many clients are refinancing their conventional loans that have PMI or their FHA loans (that carry PMI), into a new conventional loan since they now have 20% equity and can remove the PMI. Some Conventional refinances get appraisal waivers, which make the process easy and quick!
Conventional loans are a fantastic loan program and usually have the best pricing and payment. 30 yr fixed is the most popular program, but there are also 20 years, 15 years and all the way down to 8 years. In addition to an array of ARM products as well.
Wain Capital, LLC, Arizona - 0951257 & 1825506 Zachary Wain, 207079, Wain Capital LLC, 1825506 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1825506 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 207079 or Licensed by the Department of Business Oversight under the California Finance Lenders Law, 207079 NMLS# 1825506 Wain Capital, LLC (480) 336-3737 NMLS# CO-100507291 Zachary Wain (480) 336-3737
1825506 - 207079 Wain Capital LLC, 15721 North Greenway-Hayden Loop Suite 102, Scottsdale, AZ, 85260, 1825506 , Residential Mortgage Loan Company Zachary Wain, Residential Mortgage Loan Originator, 207079, Wain Capital LLC,15721 North Greenway-Hayden Loop Suite 102, Scottsdale, AZ, 85260
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