Looking for a mortgage with flexible options and competitive terms? A conventional loan may be a great fit.
Conventional loans are mortgage programs that are not insured or guaranteed by the federal government. They are widely used by homebuyers and homeowners who want to purchase a home, refinance an existing mortgage, or take advantage of the equity they have built.
At Prime Choice Funding, we help you compare available conventional mortgage options based on your financial situation, homeownership goals, income, credit profile, and property.
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A conventional loan is a mortgage that is not backed by a government agency such as the FHA, VA, or USDA.
These loans are generally designed for borrowers who meet established credit, income, debt, and property requirements. Conventional financing can be used for a variety of homeownership goals, including purchasing a primary residence and refinancing an existing mortgage.
Because conventional loans can offer different down payment, term, and mortgage insurance options depending on the borrower’s circumstances, the right structure can vary from one borrower to another.
That’s where having access to multiple mortgage options can make a difference.
Conventional financing can be an attractive option for qualified borrowers because it may offer:
Depending on the loan program and your qualifications, conventional financing may be available with a relatively low down payment.
You don’t necessarily need to put 20% down to purchase a home. Your loan officer can help you understand the available options and how your down payment affects your monthly payment and overall loan costs.
Conventional loans are available with a variety of loan terms and structures. Your rate and terms will depend on factors such as credit, income, loan amount, property type, down payment, and current market conditions.
Conventional loans are available with a variety of loan terms and structures. Your rate and terms will depend on factors such as credit, income, loan amount, property type, down payment, and current market conditions.
If private mortgage insurance (PMI) is required, the cost can vary based on your loan-to-value ratio, credit profile, and other factors.
For borrowers who eventually build sufficient equity in their home, PMI may be removable when eligibility requirements are met.
Conventional financing may be available for eligible primary residences and other qualifying property types, subject to applicable program and underwriting requirements.
A conventional mortgage isn’t only for buying a home. Qualified homeowners may also use conventional financing to refinance an existing mortgage.
A conventional loan may be worth considering if you:
Every borrower’s situation is different. Meeting general guidelines does not guarantee approval, and specific requirements can vary by loan program and lender.
Buying a home is a major financial decision. A conventional mortgage can give qualified buyers access to a range of financing options while allowing them to choose a loan structure that fits their goals.
Before you start shopping for a home, it’s helpful to understand:
Already own a home?
A conventional refinance may help you change the terms of your existing mortgage or pursue another financial goal, depending on your situation and available programs.
Homeowners may explore refinancing to:
Whether refinancing makes sense depends on your current mortgage, new loan terms, closing costs, equity, credit, income, and how long you expect to keep the property.
Our team can help you compare your options before you make a decision.
1. Tell Us About Your Goals
Start by sharing information about your home purchase, refinance, income, property, and financial goals.
2. Review Your Options
A licensed mortgage professional reviews your situation and helps identify conventional loan options that may fit your needs.
3. Complete Your Application
Once you choose a direction, you’ll provide the required information and documentation so the lender can evaluate your application.
4. Underwriting & Property Review
The lender reviews your credit, income, assets, debts, property information, and other required documentation. An appraisal may also be required depending on the transaction.
5. Closing
After all required conditions are satisfied and the loan receives final approval, you’ll review and sign your closing documents.
Once the transaction is completed, your mortgage can be funded and closed.
Access to Multiple Mortgage Options
As a national wholesale mortgage broker, Prime Choice Funding works with lending partners to provide borrowers with access to a range of mortgage programs and terms.
Personalized Guidance
Your financial situation isn’t the same as anyone else’s. We look at your goals and circumstances to help you understand the mortgage options available to you.
Experience You Can Count On
Since 2007, Prime Choice Funding has helped homeowners navigate the mortgage process, from buying a home to refinancing and accessing home equity.
A Straightforward Process
We believe getting a mortgage should be easier to understand. Our team helps guide you through the process and keeps you informed along the way.
A conventional mortgage is a home loan that is not insured or guaranteed by a government agency. Conventional loans are offered through private lenders and are subject to applicable lender and program guidelines.
The amount you need depends on the specific conventional loan program, your qualifications, the property, and other factors. Some conventional programs may allow a lower down payment than many borrowers expect.
Private mortgage insurance may be required when the loan-to-value ratio is above the applicable threshold. PMI requirements and costs depend on the loan structure and borrower qualifications.
Neither loan is automatically better for every borrower. Conventional and FHA loans have different eligibility requirements, costs, mortgage insurance structures, and benefits. Comparing both based on your situation can help you determine which may be more appropriate.
Yes. Qualified homeowners may be able to use conventional financing to refinance an existing mortgage, subject to applicable requirements.
Credit requirements vary depending on the specific loan program and lender. A higher credit score may improve the financing options available to you, but credit score is only one part of the overall qualification process.
Self-employed borrowers may qualify for conventional financing, provided they meet the applicable income documentation and underwriting requirements. If traditional income documentation doesn’t fit your situation, PCF also offers alternative mortgage solutions that may be worth exploring
The best way to determine whether conventional financing fits your situation is to compare it with the other mortgage programs you may qualify for. A Prime Choice Funding loan professional can help you review the available options based on your goals and financial profile.
Tell us about your goals and let our team help you find a financing solution that fits your situation.
All loans are subject to credit approval, underwriting guidelines, property eligibility, and other applicable requirements. Loan programs, terms, rates, fees, and eligibility requirements are subject to change. Not all borrowers will qualify.
