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Top Benefits of Purchasing Conventional Home Loans

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Conventional Loan in Louisville KY

Purchasing a home is one of the biggest investments most people will ever make, so it is important to understand the different types of home loans available. Conventional home loans are a type of mortgage loan that is not insured or guaranteed by the government. Private lenders, such as banks and credit unions, typically offer these loans and are often the most popular choice for homebuyers.

There are many advantages to conventional home loans, including lower interest rates and more flexible terms. Here are some of the top benefits of purchasing conventional home loans:

5 Benefits of Purchasing Conventional Home Loans

  1. Lower Interest Rates. Conventional home loans usually offer lower interest rates than other loans, such as FHA or VA loans. This can save you money in the long run since lower interest rates mean lower monthly payments.
  2. More Flexible Terms. Conventional home loans also offer more flexible terms than other loan types. For example, you can choose the length of the loan, the amount of the down payment, and other features that are important to you.
  3. No Mortgage Insurance. Conventional home loans do not require mortgage insurance, which can help you save money in the long run. Mortgage insurance is an extra fee that is required for certain loan types, such as FHA or VA loans.
  4. Easier Qualifying Guidelines. Conventional home loans typically have less strict qualifying guidelines than other loan types, such as FHA or VA loans. This means qualifying for a conventional home loan may be easier than other loan types.
  5. More Options. Many different types of conventional home loans are available, so you can choose the one that best fits your needs. These options include fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans.

The Process of Applying for a Conventional Home Loan

  1. Gather the Necessary Documentation. You must provide information about your income, assets, debts, and credit history. Have copies of your most recent pay stubs, tax returns, bank statements, and other financial documents handy.
  2. Meet with a Mortgage Lender. Once you have gathered the necessary documents, the next step is to meet with a mortgage lender. This is the person who will review your financial information and assess your eligibility for a loan. During this meeting, you will discuss your financial goals and needs, and the lender will explain the various loan products available.
  3. Submit an Application. After meeting with a lender, you must submit a formal loan application. This application will include detailed information about your finances, credit history, and employment. The lender will use this information to determine whether you qualify for a loan and what terms you are eligible for.
  4. Finalize the Loan. Once you have accepted the loan offer, the lender will start finalizing the loan. This process can take several weeks and will involve verifying the information provided in your application, ordering a home appraisal, and arranging for the closing.

The Bottom Line

There are many benefits to choosing a conventional home loan over other loan types. With lower interest rates, more flexible terms, and no mortgage insurance, conventional home loans can save you money in the long run. These loans have easier qualifying guidelines and more options, so you can find the loan that best fits your needs.

Contact Your Mortgage Specialist Today!

First Fidelity Mortgage is an esteemed provider of conventional loans in Louisville. Our selection of mortgages is designed to accommodate a range of homeowners and their individual financial needs. Contact us at (502) 657-4299 and be assisted by our professional agents.

Choosing a Mortgage Broker in Louisville

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Before you can buy a home in Louisville, you need to find the right mortgage. And before you can do that, you need to find a mortgage company worth working with. Here are some tips to help you choose a mortgage broker in Louisville that will have your best interests at heart and deliver the smooth, seamless mortgage experience you need.

Things You Should Know When Choosing a Mortgage Broker

  1. Work with a small local mortgage company in Louisville. Homebuyers often think first of big box lenders when they are ready to purchase. While it makes sense that these names spring to mind, it can pay off in a big way to work with a small local business instead. A local mortgage company knows the Louisville real estate market, is familiar with local down payment assistance programs, and sees customers as neighbors. As a result, you receive better service from top to bottom than you would working with a big box lender.
  2. Choose a Kentucky mortgage company with lots of experience. One of the keys to making the mortgage process go smoothly is working with loan experts who have encountered scenarios like yours. The more experience a team has, the more likely it is they know exactly what to do with your situation. First Fidelity Mortgage, Inc has more than 45 years of combined experience, and is ready for any borrower’s loan scenario.
  3. Pick a mortgage broker in Louisville rather than a lender. A mortgage broker can shop a variety of lenders in Kentucky and beyond to bring you affordable rates and a spectrum of loan products to suit your needs. Not only can this help you save money, but it will also help you save a lot of time. The broker takes care of the hard work of searching for a suitable mortgage, letting you instead search for an ideal home.
  4. Go with a company that communicates rapidly. We offer fast responses around the clock via phone, email or text so you always know your mortgage application status.
  5. Select a Louisville mortgage company with stellar customer service. Never underestimate the importance of working with dedicated, passionate professionals who go out of their way to give you the best possible experience as you apply for your home loan. First Fidelity Mortgage, Inc has won accolades for the top-tier customer service we offer along with our other features and benefits. Check out some of our awards?
  • UWM Faster Purchase Closer 2020, 2021 & 2022
  • Business First – Louisville’s Largest Mortgage Originators List 2013-2022
  • Expertise.com – Best Mortgage Refinance Company in Louisville 2021 & 2022
  • Three Best Rates – Top 3 Mortgage Companies in Louisville 2021 & 2022

Buy a Home or Refinance in Kentucky Now

If you are ready to buy a home or refinance now, please give us a call at (502) 657-4299 to schedule your consultation. We are based in Louisville and can help you in Kentucky, Tennessee, Indiana and Florida.