A conventional loan is a mortgage that is guaranteed or insured by either Fannie Mae or Freddie Mac. Conventional loans are either conforming or non-conforming. Conforming mortgages are required to conform to underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac, whereas non-conforming mortgages have loan amounts higher than the loan limits set by Fannie Mae / Freddie Mac.
Conventional loans can offer the best interest rates and lowest fees, which can result in lower monthly payments. Most home buyers choose a fixed-rate over an adjustable-rate mortgage to avoid having to worry about fluctuations in mortgage rates, which makes budgeting much easier. They are typically considered to be the most common, stable, and safest type of loan.
When applying for a conventional loan, you must meet three initial requirements:
Eligible properties for conventional loans include single-family homes, condominiums, multi-unit properties, and planned unit developments. If you have a decent credit score and available funds to make a down payment on an eligible property, it is likely you will qualify for a conventional loan.
RESEARCH. Before taking out a loan, be sure to speak with a licensed Loan Officer about the perfect loan for you.
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