Why Choose A Conventional Loan For Your Home Purchase Or Refinance
Low Down Payment Requirements
Higher Loan Amounts
Diverse Property Types
What Other Home Owners Are Saying
Cottonwood Heights Conventional Home Loan FAQs
Find answers to your conventional loan frequently asked questions.
What are the benefits of conventional home loans?
A conventional loan can be used to buy or refinance a primary residence, second home or investment property and do not have a prepayment penalty.
What are the conventional home loan requirements?
Borrowers who are paid salary, a wage or are self-employed can qualify for this type of loan. For borrowers with large assets, trust income or other reliable income source(s) may also qualify.
What Property Types Are Allowed With Conventional Home Loans?
Conventional home loans can be used to purchase a variety of different property types. Some of the most common property types that can be purchased with a conventional loan include:
- Single-family homes
- Townhouses and duplexes
- Multi-unit properties (up to four units)
What is the process of getting a conventional home loan?
Once you’ve been preapproved for your home loan, it normally takes 30 days or less to close. You can estimate monthly mortgage payments here.
What Are The Conventional Loan Limits?
For conforming loan limits greater than $726,200, the loan is considered a Jumbo loan. Some states and counties in the US also have a High Balance loan limit where housing costs are high. High Balance loans have similar guideline and qualifying requirements as a conventional home loan.
Begin Your Home Buying or Refinance Journey
Schedule a 15-minute consultation to learn more about using a conventional loan to buy or refinance. Get answers to your questions and start your path to home ownership.
How To Choose A Mortgage Lender in Cottonwood Heights, Utah
When looking for a lender to help with financing a home, it’s important to find someone who is local and specializes in Cottonwood Heights conventional home loans. Compare your options by finding a loan officer that:
- Possesses knowledge of the home-buying process and loan program guidelines
- Has a network of other real estate professionals
- Demonstrates working with similar clients
- Knows what resources are available to find the latest information
- Can show exceptional reviews and testimonials from clients
Many mortgage lenders claim to specialize in conventional loans. However, they typically hire loan officers with little to no experience. The lender doesn’t underwrite the loans themselves, have extended closing times up to 45 days, make you work with a team instead of a single person and don’t respond to your inquiries during the process. Plus, you typically end up with a higher interest rate.
Choosing the right lender in Cottonwood Heights, Utah could save you thousands of dollars and ensure a positive home buying or refinance experience.
Since its founding in 1938, Fannie Mae has been a leading source of mortgage financing in all markets and at all times. Today, they continue to innovate and promote a stronger, safer, and more efficient housing market for all Americans. Their mission is to facilitate fair and sustainable access to homeownership and quality affordable rental housing across America. Fannie Mae is committed to making the dream of sustainable homeownership a reality for millions of people.
Freddie Mac is a government-sponsored enterprise, or GSE, with a mission to support the U.S. housing finance system and make it more accessible and affordable for homeowners and renters. This is done by buying conventional homes loans and other mortgages from lenders, packaging them into securities, and selling them to investors around the world. Their work helps keep capital flowing into the housing market, making it possible for more people to buy or rent homes they can afford. Freddie Mac is headquartered in McLean, Virginia, just outside of Washington D.C., and has operations across the country.