Conventional loans are any loans that are non-government funded, unlike FHA and VA loans. Conventional loans come in two forms: conforming and non-conforming. Conforming conventional loans follow loan limit guidelines, where non-conforming conventional loans offer the option to exceed loan limits enforced by the government and government-backed agencies.
In terms of mortgages, conventional loans offer the best interest rates, meaning they usually result in lower monthly payments. They are usually considered the steadiest, safest type of loan, and allow the borrower to avoid rising mortgage rates.
Conventional loans are great for many Southern California home buyers because of their ideal rates, low costs, and added flexibility. When applying for a conventional loan, you must meet 3 initial requirements:
Another benefit to taking out a conventional loan is the flexibility they provide for different types of local properties. Eligible properties for conventional loans include single-family homes, condominiums, multi-unit properties, and planned unit developments.
So, if you have a decent credit score and available funds to make a down payment on an eligible property, it is likely you qualify for a conventional loan when buying a home in Orange County, Los Angeles, Riverside or San Diego Counties.
Most importantly: RESEARCH. Before taking out a loan, make sure to speak with a mortgage broker about the perfect loan for you, and look into mortgage loan mistakes. Some of the most common mistakes people make when applying for a conventional loan is not checking their credit beforehand and ignoring the real expenses of homeownership in the SoCal area.
Conventional loans are a safe, beneficial option for homeowners needing to take out a mortgage. Contact Rene Ruiz today for any further information or questions about conventional loans!
Clear communication, a smooth process and great results. I felt well-supported and in good hands throughout. Being self-employed, obtaining any financing is a challenging process these days. However, my lender discussed a strategy and options for which I could prepare. The process went smoothly and I received guidance and support throughout. All questions and concerns were answered promptly and I was always treated with respect and courtesy. The loan exceeded expectations and fees were low.Sobrien la
Everything was very smooth and we feel the staff went above and beyond to obtain our loan!!!! Documents were presented to us in a very understandable way as well.newjanam
This is the second time I have refinanced with Rene. Both times Rene had worked relentlessly to help find me the best rate possible. This time he has actually exceeded my financial goal! He is pleasant, precise and explains everything clearly. He answers any question you might have in a timely manner if not immediately. I have recommended him to friends in the past and am happy to use this forum to recommend him to others!user746881
Rene was thorough, professional, knowledgeable and always willing to answer questions. He walked us through every step and we couldn’t be more pleased with his services. Recommend without hesitation.Jeff Frohner
This was my 2nd refi with Rene on my new home purchase within the past year. The goal was to lower the payment and get a low 4% rate on our loan. The process was quite easy and i would recommend Rene to a family or friend any time. Outstanding attention to detail and always quick to respond to my requests. Overall, Rene and his team met our refinancing needs very well! The entire process took approximately 3-4 weeks and we had a decent lender refund also.mmasero99
Rene was very helpful. He went over details and insisted we look at other loan options to make sure we had the information we needed. We were able to refi very quickly and are very happy with our new loan. The use of the internet made the sending and receiving necessary documents a breeze. Rene and his team were prompt helpful and fun to work with. I definitely recommend them for your Mortgage needs.user8001030
I had worked with Rene for the second time in refinancing my property. Rene is very knowlegable, helpful and responsive. He explains every detail of the refinance process. His whole team is awesome. I will recommend Rene to my friends and to anybody who is interested in refinancing their properties.koriyente
Rene was informative and laid out all of my options during my initial call about my refinance. He was willing to answer all of my questions & he wasn’t pushy.sbucher288
Best experience I have ever had in refinancing, Rene was all of the above and then some!!!. Always a pleasure working people as pleasant, helpful and knowledaable as Rene!gritone65
My wife and I purchased our home a little over two years ago and after a horrible experience we were hesitant to go through the process again. However our experience with Rene Ruiz was amazing! He was very clear and concise about how the process would take place. Most importantly we received what was quoted during our initial conversation! This refi went smooth and couldn’t have asked for a better result. Thank youzuser20140603000717611