Lyndee Paulus - Loan Officer - NMLS 1716116

©Fairway Independent Mortgage Corporation | NMLS 2289

1389 Center Drive Suite 200 Park City, UT 84098 | Direct: 435-604-0893  | Mobile: 970-389-0494

Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Branch Contact: 1389 Center Drive Suite 200 Park City, Utah 84098,  Direct: 435-604-0893, Mobile: 970-389-0494. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

   

Conventional Highlights

If you have good credit and stable income, a conventional loan might be the right option for you since it offers:

  • Lower interest rates for borrowers with good credit

  • Flexible mortgage insurance options

  • Fewer penalties and fees

  • Flexible loan terms

Conventional Loans

Lower Rates with More Flexibility

A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans including Federal Housing Administration (FHA)U.S. Department of Veteran Affairs (VA) and U.S. Department of Agriculture (USDA). Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.

Conventional Loan Programs

Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Plus, you have the option of selecting a 10, 15, 20, 25 or 30-year term. The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

Please call, text or email with any questions!