Well-qualified borrowers can see incredible benefits with a Southern Trust Mortgage Conventional Loan.
Conventional loans are not insured or backed by a government agency and typically come with a fixed rate and term. Because these loans are held by Southern Trust, we can set our own guidelines for these loans, potentially leading to big savings for you!
Key Features of Conventional Loans
Loan Processing is Faster
Conventional loan applications typically have a less complicated and shorter approval process because they aren't dependent on government approvals. With a conventional loan, the borrower works directly with the lender, therefore making the process more streamlined.
Less Maintenance Required
If you are deemed a good credit risk because of credit score, income, and other factors, private lenders may compete for your business. Because of this, a more attractive interest rate may be a possibility.
Avoid or Reduce Mortgage Insurance
Avoiding mortgage insurance premiums (MIPs) is more likely a possibility with conventional loans compared to government insured loans; but you will need mortgage insurance (MI) if you put less than 20% down. However, the MI amount may be less costly with same down payment, depending on your credit profile and other factors, than that of a government loan.
Is a conventional home loan the right choice for you?
Conventional loans are easier to obtain, and only available, for those borrowers with good credit scores and that have cash readily available for a down payment. If you are fortunate enough to meet the criteria, then you might be able to acquire a loan with a lower cost that can be processed faster than a government loan.
If you do decide to apply for a convention loan, make sure to shop around first. It’s always best to get a Loan Estimate (LE) before committing to any particular lender, as lenders often offer different rates, terms, and fees. With the additional research, you can be sure to get the best mortgage terms possible for your home loan!
Why trust Southern Trust with your home financing?
Founded in 1998, Southern Trust Mortgage is a full-service mortgage lender. We offer diverse mortgage products designed to meet any home financing need. Our continued success is a result of the outstanding customer service we offer our clients and business partners. All of our loans are expedited through local processing, underwriting, and closing agents. Our industry-leading service truly sets Southern Trust Mortgage apart.