Need a — conventional mortgage? www.GetApprovedLenders.com is quickly becoming one of Florida’s to mortgage service provider. Through their parent company, Pioneer Mortgage, they have been able to tap into a network of hundreds of banks, lenders and private funding sources to help real estate buyers secure their funding needs. Conventional mortgages are just one of many products they offer.
Conventional mortgages are loans or mortgages not offered or secured by a government entity. Instead, a conventional mortgage is available through private lenders, such as banks, credit unions, and mortgage companies or investors. GetApprovedLenders.com has helped thousands of property buyers get approved for conventional funding and can absolutely help you.
Some of the key elements with these loans are:
-A Conventional mortgage or Conventional loan is a home buyer’s loan that is not offered or secured by a government organization
-They are available through a private lender or guaranteed by the two government-sponsored companies: Fannie Mae and Freddie Mac
-Potential borrowers need to complete a mortgage application, supply required documentation and give consent to run their Credit Report
-Conventional loan interest rates tend to be a little higher than those of government-backed mortgages, such as FHA loans, but if your down payment is more than 20%, then Mortgage Insurance will not be required. (Unlike FHA loans, where you pay mortgage insurance over the life of the loan).
How do you qualify for a conventional mortgage?
1. Check your Credit Score in your Online Bank or Credit Karma. Although Credit Score for a Mortgage Loan will be different from the one displayed (it’s calculated using different formulas), but you will have a general idea. Mid – to upper 700s could qualify you for the better interest rates available on the market.
2. Be ready for the Down payment. While many conventional loans don’t require a big down payment, the more money you put down, the better your chances of qualifying for a lower interest rate. You can get a Conventional Loan with as low as 3% down, but in order to avoid paying Mortgage Insurance, you’ll need at least 20%.
3. Approximate your Debt-to-Income Ratio
4. Your credit score is one factor in determining your eligibility for a conventional mortgage, but lenders will also look at your debt-to-income ratio. Lenders typically want to see that your total monthly debts are no more than 36% of your monthly gross income. Lenders may stretch their required DTI to 43% or higher if you have very strong credit scores, large savings set aside, or are making a down payment of at least 20%.
5. Fill out the Application online to get Pre-approved! They check your Credit Score, Debt-to-income ratio and see what you qualify for.
6. Get ready to go Home shopping!
Everyone’s situation is different. every loan type is different. This is eh reason mortgage brokers exist! There job is to take your financial info, position and property buying goals to best match you with the terms AND lending institutions that favor you. This is what makes them special. They walk you through the process and help you Get Approved!
Visit www.GetApprovedLenders.com today
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