Conventional Mortgage: Financing for Your Goals
You have many loan options to consider when it comes to purchasing or refinancing a home. One of the most popular types of real estate loans is a conventional loan, also known as a conventional mortgage. Conventional loans are financed entirely by private lenders without insurance or funding through any federal agency. The certified mortgage professionals at CCH Mortgage provide financing with competitive rates and flexible terms for conventional mortgages. If you are considering purchasing a home in Indianapolis, Fishers, Carmel, Noblesville or surrounding Indiana, our team can help. Contact CCH Mortgage to learn more about conventional mortgages with our experienced team.
Understanding a Conventional Loan
Conventional mortgages are any type of real estate loans that are not insured through the federal government. This is in contrast to non-conventional loans, which are insured or funded in part through the federal government, such as the Federal Housing Administration or the Department of Veterans Affairs. Instead, conventional mortgages are fully funded and insured through private lenders.
Conventional loans may be conforming or non-conforming. Conforming conventional mortgages do not exceed the loan limits set forth through lending giant companies Fannie Mae and Freddie Mac. Instead, they are funded through other private lenders. Non-conforming loans exceed those limits. Non-conforming loans are sometimes known as jumbo loans. In Indianapolis and surrounding Indiana, a loan larger than $417,000 (for a single unit) is considered a jumbo loan.
We provide both conforming and non-conforming conventional loan options. We can provide out-of-the-box solutions with loans ranging from $100,000 all the way up to $6 million in size.
Fixed and Adjustable Rate Options
We provide fixed and adjustable rate mortgages to meet our clients varied needs. Fixed rate loans, as their name implies, have a set interest rate and monthly payment that stays consistent for the life of your loan. Adjustable rate mortgages (ARMs) have an interest rate that will change at some point during the term of the loan.
Eligibility for a Conventional Loan
Conventional loans often have more stringent qualification requirements than federally insured mortgage options. This type of loan is often best-suited for clients with strong credit who can meet down payment requirements, depending on the size of the loan. There are no set-in-stone rules for who can qualify, however. We work on a case-by-case basis with each client to determine what type of financing works best for him or her.
Personal Attention Matters
At CCH Mortgage, we offer one-on-one attention that big bank lenders simply cannot. We are well-connected within the local community, and we help clients find financing solutions fast. Our owner has served clients in the area since 1985, and our mortgage professionals value the reputation we have built. If you are considering a conventional mortgage in Indianapolis, Fishers, Carmel, Noblesville or surrounding Indiana, contact CCH Mortgage today. We are here to answer your questions and provide options to help you succeed.
