Prime/Conventional Mortgage Loans

These types of mortgages are not guaranteed or insured by the federal government; instead, they are backed by private lenders. Prime/Conventional mortgage loans are much more common than government-backed financing. Borrowers have more flexibility but must pay insurance costs.

Prime Borrowers with Good Credit Should Take Advantage of This Traditional Loan:

  • Lower than 80 percent LTV (Loan to Value) borrowers can avoid PMI (Private Mortgage Insurance/Mortgage Insurance Premiums)
  • Perfect for borrowers that are able to contribute 20% down payment
  • Can be sold on the secondary market as Mortgage-Backed Security (MBS)

There are two types of conventional loans: Fixed-Rate and Adjustable-Rate Mortgages (ARM.) Fixed-rate mortgages have an interest rate that stays steady through the life of the loan. Terms last 15- to 30 years and the payments don’t change. Since these mortgages are lengthy, payments are generally lower. ARM mortgages offer flexible interest rates. In the beginning, the rate is fixed, and payments are lower than a fixed-rate mortgage. However, after a that brief period, the rate can increase.

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Interested in Learning More about MORTGAGE LOANS?

For more information about mortgage loans, call the EB Mortgage experts at (616) 228-8797, e-mail at contact@ebwmtg.com, or apply online today!

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