Conventional Loan Purchase
Conventional (conforming) mortgage loans are financed and insured by private lenders and investors, rather than being insured by the Federal Government (FHA). Conventional loans are often sold to Freddie Mac (FHLMC) or Fannie Mae (FNMA), the largest source of loan funds in the United States, who purchase closed mortgages, freeing up funds so lenders can make more home loans. A conventional loan may also offer the choice to pay homeowners insurance and taxes directly, rather than be included in the monthly payment each month.
Before you have your realtor put an offer in on your dream home, you need to be armed with a pre-approval. Having a pre-approval shows letter tells the seller that you are serious about buying. To get this, we will need some information such as income, debts, do you currently rent or own – all to assess how much loan you can qualify for and what type of rate we can offer you. We can then provide you with a letter stating that you have been pre-approved for up to a specific loan amount. You can access the MortgageRight loan application form below. One we receive this, we will contact you to get any additional documents we may need to get you ready to roll!
Conventional Loan Refinance
If you are evaluating the pros and cons of a conventional refinance, call MortgageRight to learn about your best options. There are opportunities available to convert an existing adjustable rate mortgage, a refinance to a shorter term (15-years) to pay your loan off sooner, cash out for a remodel, needed repairs or large purchase. Or, perhaps you just want to consolidate and pay off a few bills. Call MortgageRight today – we are here to run the numbers for you. Then you will know for certain if it makes good business sense to refinance your loan. Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
New Interest Rate
New Payment Amount
How it works…
A conventional refinance can be a excellent way for FHA homeowners to cancel their FHA mortgage insurance premiums. Rather than refinance with the FHA, homeowners can opt to refinance with a conventional loan instead. This strategy is increasingly popular as home values continue to recover nationwide. The rules are basically the same for refinance as they are for purchase, but the results can prove to be a great way to save money on both the short and long run. Simply call MortgageRight for more info.
Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
Call MortgageRight at 205-776-8401 for rates and loan information or fill out our quick quote application and a MortgageRight loan officer will contact you to discuss your loan options.