The Best Conventional Mortgage

Get the Home Loan that’s Right for You

Florida’s Best
Mortgage Brokers

When you’re looking for a conventional mortgage, Pineywoods Mortgage in Tampa is the mortgage company to call. Conventional mortgages are not backed by the federal government, but are usually less expensive to obtain. When you need help deciding which mortgage is right for you, we can help. Contact us today!

What Does A Mortgage Broker Do?

  • Works for you to find you a home loan

  • Shops around different mortgage lenders to find the right mortgage for you

  • Negotiates terms and rates for your mortgage

  • Manages your mortgage loan from start to finish

  • So you don’t have to worry about a thing!

CONVENTIONAL HOME LOANS

Mortgage brokers have become the lifeblood of the mortgage industry. Working on behalf of customers to garner the best home loan, mortgage brokers are tenacious and resilient. After listening to your needs and wants in a home mortgage loan, mortgage brokers then take your information to the banks or other financial lending institutions to get the best rates and terms.

Pineywoods Mortgage in Tampa is a top-rated mortgage broker who works with first-time home buyers, as well as those looking to refinance their existing home loan or take out a home equity loan on their home. Here, we’ll discuss what a conventional loan is, and its advantages over other types of home loans. Contact us today to get started!

If you’re done with renting and ready to take the first step toward owning your own home, you’ll probably need to look at getting a home loan. At Pineywoods Mortgage, we strongly believe in pairing the right person with the right loan. We also know that conventional loans are the most popular loan type used. Are they the smart choice for you?

Conventional loans are a type of home loan that, unlike VA or FHA loans, the government does not insure. Instead, it receives backing from private lenders, and the insurance is usually paid by borrowers. They often feature a number of term lengths and quick processing times. To qualify for a conventional loan, your credit score must be at least 620, and you should be ready to put down twenty percent for the down payment on your new piece of real estate.

Conventional Loans Have Many Advantages To Other Home Loans

Although conventional loans require more down payment up front, they do not require you to purchase mortgage insurance, which is an added expense many first-time home buyers face when utilizing a government-backed mortgage instrument.

Because you are required to put more money down, your monthly payment will be less. If you factor in the fact that you won’t have to pay mortgage insurance, your monthly payment will be even less than before.

Conventional loans can have fewer conditions to home buying than other types of loans. Because the government has a vested interest in government-backed mortgages, there are often more reporting requirements to qualify, as well as more limitations on those types of home loans. Conventional loans tend to have less stringent requirements as the default risk is lower with conventional loans.

Conventional loans can even be used for rental properties, or in other cases where the homeowner does not live in the home.

Conventional loans may also allow you to finance above the home’s current value. With FHA loans, you can only finance up to the amount the property is worth. These excess funds are then given to you as cash so you can either buy furniture for your new home or put in an immediate home improvement that you need or want, such as a dog house in the backyard. While you will be financing these extra costs, the interest rate would be less than financing through other means.

Mortgage loans can be confusing, that’s for sure. If you have questions regarding conventional loans, or any other type of mortgage loan product, give Pineywoods Mortgage in Tampa a call today, so we can get you on the right path to homeownership.

If you’re unsure that conventional loans are the right move, we can help. With more than 18 years of experience, we have the expertise you need regarding loan types and their unique features and processes. We’ll take the time to clearly explain the details, answer all your questions, and help you find not just a loan, but the right loan. To get started, contact us online or by phone today.

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