Definition
The Benefits
Choose from various loan terms, such as 15, 20, or 30 years, depending on your financial goals.
Conventional loans often offer lower interest rates than government-backed mortgages, making them cost-effective in the long run.
Conventional loans often allow for a down payment as low as 3%, although a higher down payment may result in better terms.
Requirements
A minimum credit score of 620 is usually required, but a higher score may secure better rates.
A Debt-to-Income ratio of less than 43% is generally recommended.
PMI is typically required if the down payment is less than 20%
Types of Conventional Loan
The interest rate remains constant throughout the loan term.
The interest rate can change at predetermined intervals.
The Process
Pre Approval: Understand how much you can afford.
Loan Application: Submit all necessary financial documentation.
Appraisal: The lender will assess the value of the home.
Loan Approval: After due diligence, the loan will be approved.
Closing: Finalize your mortgage with a closing meeting.
Swift Programs
Discover home-ownership with our tailored loans. Our expert team ensures you get the perfect loan for your unique needs.
Have Questions?
Below you can find the answers to frequently asked questions.
Swift Support
Relax and take comfort in knowing that our 24/7 support ensures you're never alone on your financial journey.
Please provide your query, and we will assist you as quickly as we can.
+1 ( 888 ) 499 - 9060
info@ameritrust-mortgage.com
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