A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan requires a 3% down payment. Mutual of Omaha Mortgage in Belmont, Michigan helps buyers secure a conventional loan when purchasing property.
A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.
Applying for a Conventional Loan
Typically, a conventional loan requires that borrowers have 3-20% of the home's value as a down payment. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.
Typically, we will review the following items with you when applying for a conventional loan:
- Your Employment (Is your income and employment steady?)
- Down Payment (How much can you afford to put down?)
- Credit History (Is your credit good, do you have late payments?)
In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.
Learn about the Home Buying Process from Fannie Mae, and then get preapproved for a conventional loan from Mutual of Omaha Mortgage in Belmont, Michigan!
Conventional Loan Terms
Conventional loans are available in fixed-rate or adjustable-rate (ARM) loans and have a term of 15, 20 or 30 years. The shorter the term, the lower the rate. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.
Conventional loans are perfect for homeowners who have funds available for a down payment and excellent credit. The application process goes quicker than FHA loans or VA loans since the government isn't involved in the application process. Homeowners with conventional loans also find their equity builds up quicker since a larger down payment is needed.
To see if you pre-qualify for a Conventional home loan, contact Adrian Tavolacci today at 616-298-2743.
You have truly been a pleasure to work with! Everything from the start of the loan to the finishing touches was done with quick and easy access. All emails and phone calls took less than 24hrs to return. I will continue to refer anyone and everyone I know looking to buy your way! It's extremely convent when loans go smoothly and closing happens on time! Thank you for your hard work and your dedication towards our loan. It's all very much appreciated from us! Thank you!!
Adrian and his team are the best! He doesn't stop when there is a road block. He gets creative and works hard to find a way to make it happen. His deals close on time and the process is so smooth and painless. He is knowledgeable, thorough, and supportive. I would recommend him to anyone looking to buy or refinance their home. He will take great care of you.
Adrian and his team worked magic for me on a previous refi so when I decided to buy a new home I came right back to them. Honestly, they might actually be wizards. They are efficient, knowledgeable, and quick. Not only did they help me every step of the way but I closed less than 4 weeks after my initial application with no hiccups! Both my refinance and my loan qualification were more complex than average due to self employment and resource employment. They knew just how to make it happen! 5 stars! ⭐⭐⭐⭐⭐ I will use their services again for my next home, hands down.
Adrian cares deeply about others. He genuinely wants the best for everyone he interacts with. I have loved getting to know him, and hear about how he wants to grow his business to be able to help more people!
Adrian is your mortgage guy! He will take top care of you and your mortgage needs. And, on top of that, he is a great human being - caring and considerate!
Ask for Adrian. He is top notch professional in all he does and you will be better off with him in your life. Don't waste time with hunting around. Use Adrian....you can thank me later. :)
I used Adrian's service for a refi before and now for a mortgage. Both times I had complex situations due to self employment that his office handled with ease! I just closed 3.5 weeks after submitting my application without a single hiccup along the way. Truly exceptional work and communication.
Adrian is exceptional - he is a hard worker, reliable, very intelligent, and has a great personality. He always reponded quickly and talked through/explained how/why things were done and my options. He worked hard to get me a low interest rate and a great loan. Working with Adrian is a smart choice -- but definitely ask him if it's possible to NOT work with Rachel once it gets into the paperwork/closing on a home process. His team doesn't even compare to him - especially Rachel. If she works on the loan with you, expect to never be contacted. I had to always call her first to inquire about my loan progress and push her to do her job (little harsh, but true! I wanna warn you). Once I left a message and she never called back. I wouldn't have ever known my loan was going to be delayed by the underwriter unless I had called her until she picked up so we could talk. I had to coordinate with my bank being out of town (2.5hrs away) and she didn't seem to care to keep me updated on when closing was. It's a huge bummer to have Adrian be such a great worker, and his team be so lazy. Hopefully you can work with Adrian and avoid Rachel!
Adrian was excellent to work with! We started our loan in February and hit some bumps with COVID-19 and our original title company. Adrian worked quickly through each issue, found us a new title company in time to make homeownership happen for us. The whole time, he communicated with us clearly and frequently. We are beyond thrilled with his service and I would recommend him to absolutely anyone.
Adrian worked HARD on our loan, and we closed on time in the middle of the COVID-19 shutdowns. He and his team jumped through multiple hoops for us. Amazing work!
Adrian and his team are top notch. They get the ball rolling and stay on top of everything until they get the job done. Very thorough and efficient. They are smart and innovative. Terrific at finding the right solution to improve your situation. Great use of technology and just good people. Will recommend!
We have worked with Adrian and his team to purchase two homes and have never been dissatisfied. The team is fast and effective. They really do make the home buying process a piece of cake!
Adrian & his team walked with us every step of the way!! They kept us very informed, which was very important to us! We had some hiccups (no fault of theres)...but they hung with us ...and we closed this past Friday! 🎉. Highest recommendation!
Adrian did a fantastic job helping us through the loan process, up until we met him..the VA process was a joke..we were very discouraged..he came to the rescue and was able to sort thru everyone elses messes and deliver us to closing..Thanks Adrian!!
Adrian has been wonderful to work with since day one! He helped us when we purchased our first home and again when we refinanced our mortgage. I have sent him countless emails on nights and weekends, fully expecting a response the next business day. He always gets back to me within an hour. I have even emailed him months after closing with questions and he is always willing to help in whatever way possible.
Adrian and his staff went beyond my expectations. Every step of the process was handled with professionalism and on a personally level as it pertained to my refinancing of my home. They took all my concerns and questions and answered them all in a timely manner. There were a few set backs, however, I was very comfortable with how they were all handled. I was always kept in the loop as what step of the process the loan was going through and what to expect next. I had several question throughout the whole process and never once did I feel like I was bothering Adrian and or his staff, he always said call anytime you have a question. I was very satisfied with the end result. Adrian and his staff rock and it was a blessing working with them.