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Conventional Loans

If you are looking for a home loan, considering a conventional loan is a great place to start. As America recovers from it’s economic turmoil, equity is slowly returning to the average homeowner. You might want to again consider a conventional loan as your vehicle of choice to the American Dream.

Definition
A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. The maximum limit for a conforming loan depends on the county and state you live in and can be found here: Fannie Mae Loan Limits.

Conventional loans can be either Fixed or an adjustable rate. Fixed-rate mortgages have a set interest rate for the entire length of the mortgage term which can be between 10 and 30 years. An adjustable-rate mortgage (ARM) has a term of 30 years with a low introductory rate for a fixed period followed by periodic adjustments according to a specific benchmark, typically a specific LIBOR or a T-Bill index.

Requirements
Conforming loans require a down payment/equity as little as 3%* for a fixed rate term. You must also income and credit qualify. Conventional Loan guidelines are stricter than other types of mortgages, but if you can meet them and have good to great credit, then a Conventional Loan may be the loan for you.
What’s good: Conventional mortgages generally pose fewer hurdles than Federal Housing Administration or Veterans Affairs mortgages, which may take longer to process.

What’s not as good: You’ll need a higher score credit to qualify for the best interest rates.

What our clients say

If you care about honesty, expertise and professional guidance then, MBA Mortgage, is the top firm in Laredo for you. Since I have met Gino I have co...
Angela Lutz over at MBA Mortgage is prompt, secure and uncanny in her ability to save you money. We did extensive research both locally & online to se...
I have used Angela's services three times now over the past few years. Our mortgage experiences have been quick and painless. Angela provides very per...
Angela Lutz is all of the above and more. She made my whole process so smooth . I couldnt believe how easy it was because Angela Lutz is very knowledg...
Angela assist my family and I, in purchasing our dream home sometime in 2011. Working with Angela and her company was a pleasure, she is a true profes...
Angie is wonderful, she has financed 2 houses for our family and I highly recommend her. She is very knowledgeable and is willing to walk you step by ...

The staff at MBA were very professional and made my refinance a quick and painless experience. I highly recommend them!

Working with Gino Lutz from MBA Mortgage (DBA Commonwealth Mortgage of Texas, LP) has been one of the best experiences for my boyfriend and myself ...

I met Gino back in 2010 while I was in the market for my very first home. I was young, oblivious to all things real estate, and with a rather less...

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