From Mortgage Lender of Colorado Home Loans & CO Mortgages

Conventional Loans

Posted in: Conventional Loans
By Taylor Mortgage Group
Dec 17, 2012 - 1:35:11 PM

Conventional Lenders prefer a high down payment and high credit but sometimes they will grant a loan to someone with a low down payment and high credit.  The higher your credit score; the lower your interest rate.  If your credit score is low and you still qualify for the loan, you will have a higher rate than someone with a high credit score. Typically this loan would be a 30 year fixed rate loan. Terms of the loan will change depending on your down payment.  Down payments of less than 20 percent down make you a bigger risk to a lender and my require private mortgage insurance (PMI). PMI protects the lender in case of default.  Avoiding PMI may be accomplished with a larger down payment.

Need information about Conventional Loans Contact us at the Taylor Mortgage Group, LLC at 303-339-5950 or Janie Taylor direct at 303-884-9393!

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