What Is a Conventional Home Refinance?
A conventional refinance allows you to replace your current home loan with a conventional mortgage. Whether you have an FHA loan, USDA loan, or some other type of mortgage, you can still qualify for a conventional loan.
These loans are backed by Fannie Mae and Freddie Mac, two government-sponsored enterprises. Being able to refinance to a conventional refinance loan gives you the opportunity to get a lower interest rate, shorten the loan term, cash-out equity, and more.
Benefits of a Conventional Refinance Loan
At Mortgage Center, we have several conventional refinance loan options available that offer incredible benefits:
- Choose from either a fixed rate or adjustable rate: Depending on your needs, you can choose from either a fixed-rate mortgage, where the interest rate will remain the same throughout the entire life of the loan, or an adjustable-rate mortgage, where the interest rate will fluctuate over time.
- Experience flexible terms: With this type of loan, you have more flexibility. Use the loan for a range of property types and easily reach your financial goals.
- Take advantage of low interest rates: Since these loans are backed by Fannie Mae and Freddie Mac, you'll have access to lower interest rates.
Who Qualifies for a Conventional Home Refinance Loan?
Many factors determine your eligibility for a conventional home refinance loan. Most lenders will consider several elements to determine if someone qualifies for one of these loans, including:
- Credit score Conventional loans are best for individuals that have good or excellent credit.
- Debt-to-income ratio: This ratio measures the percentage of your monthly income used to pay down debts.
- Down payment Since you'll be paying more as a down payment, you'll need to have the funds to meet this requirement.
Why Choose Mortgage Center?
Since 1990, Mortgage Center has been committed to caring for and helping our community grow. Today, we have several conventional loan options available depending on your needs and home refinance goals.
Our team of mortgage experts will work with you to ensure you get the best rate. Since we service all of our mortgages for the entire life of the loan, you'll have expert support every step of the way.
Have Questions About Our Conventional Home Refinance Rates?
With our simple online application, getting started is easier than ever. Fill out the form today or give us a call at 800-353-4449 to apply now.