Conventional Home Loans

Apply for a Conventional Mortgage Loan with PierPoint Mortgage!

Conventional Loans are the most desired option when you are ready to buy the home of your dreams. However, the loan process can feel intimidating for first-time homebuyers. Thus, the PierPoint Mortgage team is here to assist you.

With our highly experienced and qualified mortgage lenders on your side, you can avoid the hassle and avail top-rated conventional home loan services at competitive rates. Whether you need help exploring the best mortgage options or getting pre-approved, we have got you covered!

But before moving ahead, you need to know what are conventional home loans and how you can qualify for one.

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About Conventional Loans

Conventional Loans, also known as Conforming Loans, offer an excellent financing option for home buyers. These loans are typically granted by traditional mortgage lenders, such as banks or third-party mortgage lenders.

These loans are supervised and regulated by Federal Housing Finance Agency (FHFA) which also specifies the conforming loan limits. These are usually guaranteed by Fannie Mae and Freddie Mac.

Conventional mortgages can be classified as fixed mortgages and adjustable-rate mortgages. These can include customized mortgage plans such as a 30-year fixed mortgage, a 15-year fixed mortgage, hybrid ARMs, etc.

To qualify for a conventional home loan in the U.S., you need to meet certain income and credit requirements.

Requirements for a Conventional Loan

The following are the essential requirements you should be prepared to meet when you apply for a conventional loan:

Applicant should have a good credit score i.e., 620 or above
The applicant needs to have a favorable debt-to-income ratio(such as below 45%)
Applicants must provide sufficient proof of income
Proof of cash reserves and assets will be required
A home appraisal will be required to verify the property’s value and condition
Details of the applicant’s credit history and debt-to-income ratio will be needed

Additionally, a few other details might be needed by lenders. At PierPoint Mortgage, we have a specialized team of mortgage experts to guide you with your every step during the home loan process. So, don’t hesitate to reach out to us for any queries.

Simply fill out your loan application and get started today!

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Conventional Information

How Does a Conventional Loan Work?
Conventional loans are ideal when you want to refinance your existing mortgage or buy a new home. These loans can be acquired by following a few steps such as the following:
1. Get Pre-Approved
2. Select Mortgage Program
3. Submit Loan Application
4. Submit Relevant Documents
5. Get a Home Appraisal
6. Get Approval and Pay the down payment
7. Closing
The lenders may also require additional Information from candidates, such as proof of mortgage insurance premiums or other assets.

Pro tip: Don’t skip over reading the loan contract terms such as interest rate, monthly mortgage payment, repayment schedule, and other crucial details.
How much Down Payment Needs to be Paid for Conventional Loans?

Applicants are usually required to pay a downpayment of 3%-20%, depending on their loan eligibility. At PierPoint Mortgage, we can help you secure a mortgage at the lowest possible down payment and best interest rates.

Apply online to get an estimate today!
Who can Qualify for Conventional loans?

Conventional loans are meant for individuals who have a good credit history, stable income, and don’t have a lot of debt. These loans usually require a higher credit score than an FHA or other government-backed loans.

If you want to know your mortgage loan eligibility, submit your online application right away!

Benefits of Conventional Home Loans

A conventional loan is the best option when you want to purchase a bigger home and are financially ready to take the long-term loan commitment. These loans come with a range of benefits, such as

Low monthly payments
Affordable interest rates
Fixed mortgage installments
Flexible terms and conditions based on your financial capabilities

Looking for a Conventional Loan? Choose PierPoint Mortgage!

If you are searching for the best mortgage lenders, you can rely on our experienced and trusted conventional home loan experts for assistance. We have accumulated extensive experience over the years in the home loan and mortgage industry.

Our team will discuss your available options and help you find the right loan product. From pre-application to closing, our team will ensure that your entire home loan process is as seamless as possible.

We also assist applicants with other government-backed loans, such as the Federal Housing Administration (FHA) loan, USDA, Jumbo loans, or Veterans Affairs (VA) loans.

So, what are you waiting for? Apply for a conventional mortgage with the licensed experts at PierPoint Mortgage today!

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PierPoint Mortgage provides conventional home loans across the USA, including Alexandria, Atlanta, Auburn, Bay City, Dearborn, Denver, Grand Rapids, Los Angeles, Miami, Norton Shores, New Orleans, Norwalk, Philadelphia, Portland, Stamford, Seattle, Tulsa, Wetumpka, and the surrounding areas.