Conventional Mortgages
Flexible Home Financing with Conventional Mortgages
At Contemporary Mortgage Services, we offer conventional mortgages that provide flexible and competitive financing options for homebuyers. Unlike government-backed loans, conventional mortgages are not insured by a federal agency, giving borrowers more choices and potentially lower costs.
What is a Conventional Mortgage?
A conventional mortgage is a home loan that is not backed by a government entity, such as the FHA, VA, or USDA. These loans typically require higher credit scores and down payments but offer greater flexibility in terms and conditions. Conventional mortgages are ideal for borrowers with strong credit histories and stable financial backgrounds.
Benefits of Conventional Mortgages
Choosing a conventional mortgage comes with several advantages:
- Variety of Loan Options: Choose from fixed-rate, adjustable-rate, and other loan structures to suit your financial needs.
- Lower Overall Costs: Conventional loans often have lower interest rates and no upfront mortgage insurance fees.
- No Private Mortgage Insurance (PMI): If you put down at least 20%, you can avoid PMI, reducing your monthly payments.
- Flexible Terms: Conventional loans offer a range of term lengths, from 10 to 30 years, allowing you to customize your repayment plan.
- Higher Loan Limits: Access higher loan amounts compared to some government-backed options, perfect for purchasing more expensive homes.
Is a Conventional Mortgage Right for You?
A conventional mortgage might be the right choice if you:
- Have a strong credit score and financial history.
- Can afford a down payment of at least 5% (20% to avoid PMI).
- Prefer flexibility in loan terms and repayment options.
- Want to avoid the fees associated with government-backed loans.
- Are purchasing a home that falls within the conforming loan limits.
- There is a max loan limit, however it tends to increase each year. To see the current max loan limit, click HERE
Our Conventional Mortgage Options
At Contemporary Mortgage Services, we offer a variety of conventional mortgage options to suit your needs:
- Fixed-Rate Mortgages: Enjoy predictable monthly payments with a consistent interest rate over the life of the loan. Ideal for long-term homeownership.
- Adjustable-Rate Mortgages (ARMs): Benefit from lower initial interest rates with adjustments at specified intervals. Great for those planning to sell or refinance in the future.
- Conforming Loans: Loans that meet the guidelines set by Fannie Mae and Freddie Mac, offering lower interest rates and more favorable terms.
- Non-Conforming Loans: Options for borrowers seeking higher loan amounts or who may not meet conforming loan criteria.
The Application Process
Securing a conventional mortgage with Contemporary Mortgage Services is simple and straightforward:
- Consultation: Speak with one of our experienced Loan Originators to discuss your financial situation and determine the best conventional loan option for you.
- Prequalification: Get prequalified to understand your borrowing potential and find out how much you can afford.
- Application: Complete the mortgage application with the guidance of our team, ensuring all necessary documentation is provided.
- Approval: We’ll process your application and, once approved, lock in your loan terms.
- Closing: Sign the final documents and enjoy the benefits of your conventional mortgage.
Why Choose Contemporary Mortgage Services?
At Contemporary Mortgage Services, we are committed to helping you find the perfect mortgage solution. Our extensive network of lenders and dedication to customer satisfaction ensure you receive the best possible terms for your conventional mortgage needs.
Contact Us Today
Ready to explore your conventional mortgage options? Contact Contemporary Mortgage Services today and let our experienced Loan Originators guide you through the process. Discover how a conventional loan can provide the flexibility and affordability you need for your new home.
Call us at 407-834-3377 or fill out our online contact form to get started.
Conventional loans come in all shapes and sizes. From as little as 3% down to 20% or more.
407-834-3377
info@contemporarymortgage.com