The most appropriate choice for you if you wish to refinance your home to achieve a lower interest rate may be a "Conventional Loan". The reduction in fees and mortgage rates may save thousands of dollars over the lifetime of the loan.
A conventional mortgage is a loan that is not guaranteed or insured by any government agency. It is typically fixed in its terms and rate.
Conventional mortgages can be the perfect match for those with a good credit history looking for a variety of down payment options and loan amounts. These mortgages follow the lending guidelines set forth by government-sponsored enterprises like Fannie Mae or Freddie Mac. A conventional mortgage can come with super low closing costs and flexible payment options.
Conventional mortgages may be either conforming or non-conforming. Conforming loans follow the guidelines, terms, and conditions of government-sponsored enterprises such as Fannie Mae and Freddy Mac which are stockholder-owned corporations. Non-conforming conventional loans typically don’t meet the requirements of these government-sponsored enterprises.
Conventional mortgages Highlights:
Low down payment options available.
No mortgage insurance options.
If required, low monthly mortgage insurance.
If required, multiple mortgage insurance payment structures available.
The Conventional Mortgage comes with:
1) Fixed Rate Mortgage: The interest rate remains the same during the entire term of the mortgage or for a stipulated length of time.
2) Adjustable Rate Mortgage: In the case of adjustable rate mortgages the interest rate is not fixed, but changes during the life of the loan. These changes are linked to an index rate and move in accordance to it
Some mortgages incorporate facets of "Fixed" and "Adjustable Rate" mortgages. A sample may be: the rate may being at a low, fixed rate for a number of year and then rise according to market circumstances.
You may count on our professional agents to educate you about this type of mortgage and guide you in choosing the most appropriate situation for your needs.
Contact us today at (510) 655-2868 to get the right loan program for you.
The services referred to herein are not available to persons located outside the state of California Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. This licensee is performing acts for which a real estate license is required. C2 Financial is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California.
C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.