Conventional loan options for residents of Connecticut can be explored through e-Finance Mortgage LLC. While most home loans are backed by government agencies—such as VA loans and FHA loans—conventional loans is not insured by any such organization.
A conventional home loan can be either non-conforming or conforming, with the latter needing to meet specific criteria set by Fannie Mae or Freddie Mac to be eligible for purchase by them and the former being mortgage options that do not adhere to this criteria.
Due to the fact that conventional loans are not insured by government agencies, the qualifications required in order for applications to be eligible are slightly more stringent. They are ideal for those who have strong income and credit, or for those who are looking to borrow an amount that exceeds the limits for loans insured by government organizations.
Connecticut Fixed and Adjustable-Rate Conventional Loan Options
Conventional mortgage options can be acquired by borrowers as fixed rate, adjustable rate, or even a hybrid of the two—this depends on the particular situation of the borrower in question.
Fixed rate loans offer homeowners the option of a set interest rate, with the monthly mortgage payments remaining consistent for the duration of your home loan. This kind of conventional loan gives borrowers stability, knowing that the payments will not fluctuate. Fixed rate conventional loans are usually available as long-term options, ranging from 15 year to 30 year loans.
With Adjustable rate mortgages (ARM) the interest rate on your home loan will be subject to variation, for which reason monthly payments are subject to change at one point or another, depending on the conditions of the market. While the monthly payments are likely to change somewhere along the line, most Adjustable rate conventional loan options tend to start out with comparatively lower interest rates. This type of loan is particularly valuable to those borrowers who intend to refinance or relocate.
At e-Finance Mortgage LLC, we work to provide our clients with competitive interest rates and flexible conventional loan options in Connecticut. With our help, you too can buy the house of your dreams or refinance your existing mortgage with the right conventional home loan option. If you’re looking for more information on the conventional loan products we offer, contact e-Finance Mortgage LLC today!