Conventional loans
The best terms when your credit and savings are in good shape.
A conventional loan is a mortgage that isn't backed by a government program. When your credit and finances are in good shape, it usually offers the best overall terms, and it can avoid mortgage insurance once you have enough equity. It comes in two flavors: fixed-rate, where your rate stays the same for the life of the loan, and adjustable-rate (ARM), where the rate starts lower and can change later.
- 01Buyers with solid credit and steady income
- 02Anyone who wants to avoid long-term mortgage insurance
- 03Buyers deciding between a fixed rate and a lower-starting ARM
Fixed or adjustable
Fixed-rate keeps your rate constant for the whole loan. ARMs (10/1, 7/1, 5/1, 3/1) start lower and adjust later. We'll match it to how long you plan to stay.
Mortgage insurance can drop off
Unlike FHA, conventional mortgage insurance can come off once you've built enough equity. We'll explain exactly when.
Flexible terms
Terms commonly run 10, 15, 20, or 30 years. Shorter terms cost more monthly and far less over time.
Conventional loans, answered.
- Conventional or FHA, which is better?
- It depends on your credit and savings. Conventional usually wins when your finances are strong; FHA wins when you need flexibility. On our first call I'll run both so you can compare real options side by side.
- What is an ARM and is it risky?
- An adjustable-rate mortgage starts with a lower fixed rate for a set period (say 5, 7, or 10 years), then can adjust. It makes sense if you don't plan to stay long. I'll only suggest it if the math fits your plans.
That's what the first call is for.
Tell me your situation and I'll tell you which programs actually fit. Ten to fifteen minutes, no paperwork.
This page is general information about loan programs, not a commitment to lend or an offer of credit. Program availability, terms, and qualification depend on your situation and are subject to underwriting approval. Tareq Maayta, NMLS #1443073. Loans through Finance USA Corporation, NMLS #135625. Equal Housing Opportunity.