{"id":4874,"date":"2024-10-21T05:26:16","date_gmt":"2024-10-21T12:26:16","guid":{"rendered":"https:\/\/financer.com\/?p=4874"},"modified":"2024-11-06T06:23:46","modified_gmt":"2024-11-06T14:23:46","slug":"conventional-mortgage-loans","status":"publish","type":"wiki","link":"https:\/\/financer.com\/loans\/articles\/conventional-mortgage-loans\/","title":{"rendered":"Conventional Mortgage Loans"},"content":{"rendered":"\n

Conventional mortgage loans are an important financial tool. They play a crucial role for people buying a home. <\/p>\n\n\n\n

Understanding how they work will help you make an informed choice.<\/p>\n\n\n\n

What is a Conventional Mortgage Loan?<\/h2>\n\n\n\n

A conventional mortgage is a home loan that isn’t backed by a government agency. Instead, it follows guidelines set by Fannie Mae<\/a> and Freddie Mac<\/a>. <\/p>\n\n\n\n

These loans work by allowing you to borrow money from private lenders to purchase a home, which you then pay back over time with interest.<\/p>\n\n\n\n

How It Works<\/h3>\n\n\n\n
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  1. You apply for a loan with a private lender,<\/strong> like a bank or a company such as Axos<\/a><\/li>\n\n\n\n
  2. The lender evaluates your financial health,<\/strong> including credit score, income, and debts<\/li>\n\n\n\n
  3. If approved, <\/strong>you receive the loan and agree to repay it over a set period, typically 15 or 30 years<\/li>\n<\/ol>\n\n\n

    Conventional Mortgages \u2013 Best Options<\/h3>\n
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    \n \n \n \n \n
    \n \n Company <\/span>\n <\/th>\n \n \n Overall Rating <\/span>\n <\/th>\n \n Interest<\/span><\/th> Loan amount<\/span><\/th> Loan Term<\/span><\/th> \n \n <\/span>\n <\/th>\n <\/tr>\n <\/thead>\n
    \n \n \n \"Axos\n <\/a><\/td>\n 5.0<\/span><\/a><\/td>1,179.00% – 2,084.00%<\/td>$7,000 – $50,000<\/td>3 Years – 6 Years<\/td>\n Explore more<\/a><\/td><\/tr>
    \n recommended<\/span>\n \n \"SoFi\"\n <\/a><\/td>\n 4.6<\/span><\/a><\/td>8.99% – 25.81%<\/td>$5,000 – $100,000<\/td>2 Years – 7 Years<\/td>\n Explore more<\/a><\/td><\/tr>
    \n \n \n \"Alliant\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>10.49% – 12.49%<\/td>$1,000 – $100,000<\/td>1 Year – 5 Years<\/td>\n Explore more<\/a><\/td><\/tr> <\/tbody>\n <\/table>\n <\/div>\n \n \n \n \n
    \n \n Company <\/span>\n <\/th>\n <\/tr>\n <\/thead>\n
    \n \n \n \"Axos\n <\/a><\/td><\/tr>
    \n recommended<\/span>\n \n \"SoFi\"\n <\/a><\/td><\/tr>
    \n \n \n \"Alliant\n <\/a><\/td><\/tr> <\/tbody>\n <\/table>\n \n \n \n \n
    Get Started<\/th>\n <\/tr>\n <\/thead>\n
    \n Explore more<\/a><\/td><\/tr>
    \n Explore more<\/a><\/td><\/tr>
    \n Explore more<\/a><\/td><\/tr> <\/tbody>\n <\/table>\n \n \n \n \n
    \n \n Company <\/span>\n <\/th>\n \n \n Overall Rating <\/span>\n <\/th>\n Interest<\/span><\/th> Loan amount<\/span><\/th> Loan Term<\/span><\/th> Get Started <\/th>\n <\/tr>\n <\/thead>\n
    \n \n \n \"Axos\n <\/a><\/td>\n 5.0<\/span><\/a><\/td>1,179.00% – 2,084.00%<\/td>$7,000 – $50,000<\/td>3 Years – 6 Years<\/td>\n Explore more<\/a><\/td><\/tr>
    \n recommended<\/span>\n \n \"SoFi\"\n <\/a><\/td>\n 4.6<\/span><\/a><\/td>8.99% – 25.81%<\/td>$5,000 – $100,000<\/td>2 Years – 7 Years<\/td>\n Explore more<\/a><\/td><\/tr>
    \n \n \n \"Alliant\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>10.49% – 12.49%<\/td>$1,000 – $100,000<\/td>1 Year – 5 Years<\/td>\n Explore more<\/a><\/td><\/tr> <\/tbody>\n <\/table>\n <\/div>\n <\/div>\n\n <\/div>\n\n\n

    Conventional mortgage loans, like those offered by Axos<\/a>, can be an excellent path to homeownership for many Americans. By understanding how they work, their requirements, and how they compare to alternatives, you’re taking a significant step towards making an informed decision.<\/p>\n\n\n\n

    Remember, the best loan for you depends on your individual circumstances. Take the time to shop around, compare offers, and choose the option that aligns best with your financial goals and situation.<\/p>\n\n\n

    Compare Mortgage Rates<\/a><\/div>\n\n\n

    Conventional Mortgage Loan Requirements<\/h3>\n\n\n\n

    The most common requirements include:<\/p>\n\n\n\n