Are you looking for a home you can spend many years in? Do you have great credit and want to use your savings for a solid down payment? A conventional home loan may easily be the right answer. Keep reading to discover three key benefits of conventional loans in Greater Las Vegas, NV.
Broad Range of Options
If you’re ready to spend a lot of time in your new home but want to review the options available to you, conventional mortgage loans offer excellent options. Whether you’re interested in an adjustable shorter-term loan or a longer-term fixed-rate mortgage, they’re both possible with conventional loans.
Speedy Underwriting Process
One of the key advantages of a conventional loan is that there is typically less paperwork to churn out, as the government is involved in fewer steps. With Federal Housing Administration (FHA) loans, sellers are required to undergo government inspections, which can incur additional repairs and costs. These requirements aren’t imposed on conventional loans, which means both buyers and sellers are satisfied sooner.
Rate Security
While this loan type certainly offers adjustable rates, most often they are conventional fixed rate mortgage loans—this, in turn, is one of the most attractive benefits of conventional loans. Once the buyer has met the rigorous requirements of a conventional loan, their monthly payment remains the same. This means that even if interest rates soar or housing prices drop, the amount owed per month isn’t affected.
Flexibility Through Escrow Accounts
Some homeowners prefer the flexibility and personal freedom that comes with paying their insurance and taxes separately. If this appeals to you, a conventional loan is the only means to do it.
Interested in hearing more about the benefits of conventional loans in greater Las Vegas, NV? Call us at 702-407-9335 or send us a message here. We look forward to helping you secure a loan that supports your goals!