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Fixed Rate Conventional Loans | AWM Lending

- Las Vegas
Posted on: 1st July, 2016 | 02:28:PM
Reply to: (Use contact form below)
Posted by: awmlending
Fixed Rate Conventional Loans typically are harder to

qualify for than FHA loans & require a slightly higher

down payment.

30 Year Fixed :-
A 30 year fixed conventional loan is a loan that has

the same mortgage payments for 360 months.

Conventional loans typically are harder to qualify for

than FHA loans and require a slightly higher down

payment. However, in some cases rates can be lower and

have lower closing costs. Also, monthly mortgage

insurance is usually less or can be nothing with 20%

down payment.


20 Year Fixed:-
This type of loan is the same as the 30 year fixed rate

loan except the life of the loan is 240 months as

opposed to 360 months. Since the loan is being paid

slightly faster than the 30 year fixed rate loan,

monthly payments for this type of loan are higher than

the 30 year fixed rate loan. Some Lenders allow for a

lesser rate.


15 Year Fixed:-
This type of loan is the same as the 30 year fixed rate

loan except the life of the loan is 180 months as

opposed to 360 months. Since the loan is being paid

faster than either the 30 year fixed rate loan or the

20 year fixed rate loan, monthly payments for this type

of loan are higher than the other two loans. Generally,

the longer a lender agrees to keep the interest rate

"fixed", the greater the risk to the lender, therefore,

in most instances, interest rates on 15 year fixed rate

loans are slightly lower than on 20 or 30 year fixed

rate loans.

5% down payment required on purchase,

Minimum credit score - usually 620,

Post- bankruptcy: can qualify after 4 years,

Post-foreclosure: can qualify after 7 years,

Post-shortsale: Can Qualify after 2 years (LTV

restrictions may apply).

http://www.awmlending.com/loans-fixed.php

Fixed Rate Conventional Loans | AWM Lending

Fixed Rate Conventional Loans | AWM Lending

Fixed Rate Conventional Loans | AWM Lending

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Fixed Rate Conventional Loans | AWM Lending, Nevada, USA, Services, Investments & Loans