Choose The Best Alternative Suiting Your Conditions in Conventional Home Loans!
The residents obtain home loans under various loan programs such as conventional mortgages of fixed or flexible rates for different terms, FHA loans, jumbo loans of higher amounts, particular loans from USDA and VA, HARP loans, and 203K loans in Maryland . These loan programs differ in interest rates, terms, and maximum eligible amounts. Conventional Home Loans The borrowers who can pay 20% as a down payment go for conventional mortgages, subject to the ceiling amount for the first single-family dwelling. Many mortgage companies offer conventional loans, not insured by FHA, under Fannie Mae's and Freddie Mac's guidelines, while some do not conform. Conventional loans carry fixed or flexible interest rates and are available for different tenures. Tenure and Interest Rates for Conventional Loans The fixed-rate mortgages are available for a longer tenure of 10 to 30 years with a comparatively higher rate of interest, while the term for adjustable rate conventional loans is 5 t