Fixed Rate Conventional Loans at All Western Mortgage

Sponsored Ads

Price: Check with seller

Fixed Rate Conventional Loans typically are harder to qualify for than FHA loans & require a slightly higher down pa...

  • Category: Financial & Legal Services
  • Published: 01/07/2016
  • Current Rating: /5 0 Vote

    Description

    Fixed Rate Conventional Loans typically are harder to qualify for than FHA loans & require a slightly higher down payment.
    30 Year Fixed :- A 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months. Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
    20 Year Fixed:- This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type of loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lesser rate.
    15 Year Fixed:- This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type of loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed", the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.    
    5% down payment required on purchase,      
    Minimum credit score - usually 620,        
    Post- bankruptcy: can qualify after 4 years,        
    Post-foreclosure: can qualify after 7 years,   
    Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply).
    http://www.awmlending.com/loans-fixed.php


    Phone Number : 7028502790

    Related Ads

    Leave your comment


    Copyright © 2016 |   All Rights Reserved |   tuffclassified.com |   24x7 support |   Email us: query[at]tuffclassified.com