Find a Conventional Loan at eLEND
A conventional loan is one of the most common type of mortgages used to finance a home purchase or home refinance. The term “conventional loan” simply refers to any mortgage that is not insured or guaranteed by the federal government.
A conventional loan may be a fixed rate mortgage or an adjustable rate mortgage (ARM). A fixed rate mortgage offers a consistent monthly payment over the life of the loan, providing more security and enabling the homeowner to predict monthly expenses more easily.
An adjustable rate mortgage offers a low interest rate during in an introductory period that typically lasts 3 to 7 years, after which the interest rate (and consequently the mortgage payment) may fluctuate up or down each year based on certain factors. While an adjustable rate mortgage offers less predictability over time, the low initial interest rate enables many home buyers to afford a higher mortgage.
For help with a mortgage comparison between a conventional loan and other types of loans (and for current home mortgage rates), consult the knowledgeable professionals at eLEND. Our Mortgage Loan Originators work to simplify the mortgage process and help you determine which conventional loan is right for you.
Conventional Loan Options at eLEND
As a leading mortgage lender, eLEND offers a variety of conventional loan options that include:
- Fixed rate mortgages with terms of 30, 20, 15 or 10 years
- Adjustable rate mortgages including 3/1 ARM, 5/1 ARM, 7/1 ARM and 10/1 ARM loans
- Fannie Mae HomeStyle® Renovation Loans, a conventional loan that covers the purchase price of the house as well as the cost of repairs or renovations
Eligibility for any of our loans depends on several factors that include credit history and credit score, the amount of debt you have, your annual income and how much equity you have in the property.
In addition to conventional loans, eLEND offers jumbo loans for higher-priced homes, as well as government-backed loans and other mortgage products. Our mortgage consultants can use mortgage calculators to help answer the question on every homebuyer’s mind: “How much mortgage can I get?”
Refinance Your Home with a Conventional Loan
In addition to purchasing a home, you may choose to refinance your home with a conventional loan as well. Reasons to refinance may include:
- Locking in a lower interest rate by changing from an adjustable rate to a fixed rate mortgage
- Reducing your monthly payment by refinancing at a lower interest rate
- Borrowing against the equity in your home to get cash to use for other purposes such as home improvement, tuition and investments
- Consolidating other debts by combining them into one low interest rate loan
Learn more about getting a conventional loan or how to refinance mortgage loans with help from eLEND.