Conventional or conforming home loans offer eligible Portland homeowners a fixed monthly mortgage payment at a low interest rate. Unlike government-backed loans, conventional home loans follow Freddie Mac and Fannie Mae guidelines and have stricter qualification requirements. Homeowners that qualify, however, are able to enjoy many financial benefits and savings, making conventional home loans the best choice for many Portland homeowners.
Advantages of Conventional Home Loans
- Options for Every Homeowner Conventional loans are available at fixed or adjustable rates and at terms of 15, 20, or 30 years. With interest rates near all-time lows, Portland homeowners can secure a conventional home loan with guidelines that suit your financial needs and lock in a low rate for lower monthly mortgage payments.
- Purchase an Expensive Home With Portland’s average home price consistently exceeding the national average, conventional home loans are a great option for Portland homebuyers because they allow for a higher loan amount. For those buyers who do not have 20% of the purchase price to offer as a down payment, conventional home loans offer the option of paying PMI, private mortgage insurance, which can be discontinued once 20% of the home’s equity has been paid.
- Quick Approval Because conventional home loans are not insured by the government, they have strict employment and income requirements. For approved Portland homebuyers, however, the benefit is a straightforward and efficient approval process with less paperwork.
- Low Down Payment Though a typical down payment on a Portland conventional home loan is 15 to 20% of the purchase price, homebuyers that meet particular requirements may only have to put down as little as 3%. In Portland’s competitive and expensive housing market, a lower down payment can help many residents achieve their goal of home ownership.
Conventional Home Loans with Golden Oak Lending Portland
With many years of experience in Portland’s competitive real estate market, our mortgage team knows how to get you the conventional home loan that best matches your financial needs and goals. The mortgage experts in our Portland office constantly track mortgage interest rates to ensure that we offer our homeowners the best rate we possibly can. Your personal loan officer will guide you through the conventional loan process and is available any time at our local Portland office to answer any questions you may have. Call Golden Oak Lending Portland today to learn how to secure your conventional home loan!