Gold Summit Lending
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    • Home
    • Residential Home Loan
      • APPLY NOW
      • Homebuying Process
      • Mortgage Calculator
      • Refinance Calculator
      • Pre-Approval
      • Loan Options
      • Document Checklist
    • Commercial Loans
      • Loan Options
      • Required Documents
      • APPLY NOW
    • Personal Loans
      • Personal Loans
      • Auto Loans
    • Contact Us
  • Home
  • Residential Home Loan
    • APPLY NOW
    • Homebuying Process
    • Mortgage Calculator
    • Refinance Calculator
    • Pre-Approval
    • Loan Options
    • Document Checklist
  • Commercial Loans
    • Loan Options
    • Required Documents
    • APPLY NOW
  • Personal Loans
    • Personal Loans
    • Auto Loans
  • Contact Us

Conventional Loan

Conventional loans are the most common in the mortgage industry. They’re funded by private financial lenders and then sold to government-sponsored enterprises like Fannie Mae and Freddie Mac. 


Benefits of a Conventional Loan

There’s a reason why conventional loans are so popular. This type of loan has several features that make it a great choice for most people:

  • Low interest rates
  • Fast loan processing
  • Diverse down payment options, starting as low as 3% of the home’s sale price
  • Various term lengths on a fixed-rate mortgage, ranging from 10 to 30 years
  • Reduced private mortgage insurance (PMI)


Mortgage Insurance

Private mortgage insurance (PMI) is a type of mortgage insurance unique to conventional loans. Like mortgage insurance premiums do for FHA loans, PMI protects the lender if the borrower defaults on the loan.


You’ll have to pay PMI as part of your mortgage payment if your down payment was less than 20% of the home’s value. However, you can request to remove PMI when you have 20% equity in the home. Once you’ve reached 22% home equity, PMI is often removed from your mortgage payment automatically.


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GOLD SUMMIT LENDING

PO Box 337057, Greeley, CO 80633

 Phone:  800.968.6099

Email:  GoldSummit@ChhorGroup.com

NMLS:   2085176  


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An Equal Housing Lender