All about Conventional Mortgage Loans:

All about Conventional Mortgage Loans: Mortgage loans are one of the most common and essential financial tools at the time of purchasing a property. Among these, conventional mortgage loans stand out as one of the most requested products.

What is a conventional mortgage loan?

A conventional mortgage loan is not guaranteed by any government entity, unlike certain types of loans such as those guaranteed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). They generally require a larger down payment and a better credit rating compared to other types of mortgage loans.

Benefits:

1. Down payment flexibility: Although they usually require a higher down payment, there are options available that can be adapted to different payment capacities.
2. Diversity in terms of the loan: They can be for 15, 20 or 30 years, providing flexibility according to your financial plan.
3. No mortgage insurance required: If you achieve a down payment of 20% or more, you can generally avoid mortgage insurance, which can lower your monthly payments.

Is it right for you?

Before deciding if a conventional mortgage loan is right for you, it is essential to evaluate your financial situation, your long-term goals and discuss your options with a mortgage professional.

Conventional mortgage loans are an excellent option for those who are in good financial health and are looking for flexibility in their financing options. However, expert guidance is essential to ensure you make the best decision for your circumstances and needs.

At Grupo Progresar, Mario Contreras and the team are here to help you navigate the different financing options and make sure you find the loan that best suits you. You are not alone in this exciting journey to home ownership - contact us today! Your dream home could be just a step away.