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Why Choose a Standard Conventional Mortgage?
It's good to be normal sometimes, especially in the mortgage world. A standard (also known as conventional) mortgage is a privately funded mortgage choice for home-buyers and must fall under conventional loan limits to qualify as a standard mortgage.
If a buyer is sure that he or she won't qualify for any other government-backed or special case loan services, a standard mortgage is the right mortgage choice. Remember that each loan type has its benefits and drawbacks, so even if you do qualify for a special case loan, it still might be a good idea to go over the specifics of a standard mortgage.
What Standard Mortgage Choices Are Available?
Standard mortgages come in various fixed and adjustable rate packages. The most popular options are 15-year and 30-year fixed and 5-year adjustable, and there are also options for refinancing a standard mortgage.
Will I Need Mortgage Insurance on a Standard Mortgage?
Standard mortgages are insured by private mortgage insurance (PMI) in most cases. Consult the eligibility requirements to find out why. Alternatively, make sure you are aware of the differences in FHA MIP vs. Conventional PMI when making a mortgage choice.
Those who are convinced that a conventional mortgage choice is the way to go can check out our details on applying, then talk to the expert loan originators at MCity Mortgage to decide the best mortgage choice. MCity's passion is helping people afford the best home they can and enjoy living in it for as long as possible, so let us help you make that happen when you're ready.