How do Conventional Loans Work?
Conventional loans are drawn up and serviced by private mortgage lenders. Private mortgage lenders include banks, credit unions, and other financial institutions, the same sources which also can provide government-insured mortgage loans. In general, conventional loans don’t come with the same perks as government-insured loans, such as low credit score requirements and no down payment or mortgage insurance. However, Supreme Lending’s conventional loans do come with the decided advantages of lower fees and interest rates.
Who Can Qualify for a Conventional Loan in Texas?
With Supreme Lending, it’s possible for homebuyers to get approved for a conforming conventional loan with a credit score as low as 620. Although other lenders may look for a score of 660 or better. However, if you can get preapproved for a conventional loan, your interest rate will be set based on your credit score and overall credit history. As with most loans, the better your credit is, the less you’ll pay in interest over your loan’s lifespan.
Fast, Stress-Free Conventional Loans in Dallas
The team of experts at Supreme Lending is on call to help you to understand the conventional loan process. When you choose to finance with us, we handle all the fine print so you can focus on your big move. From our first call until after you close on your home, we support you every step of the way.
Buy a Home with Supreme Lending
Think a conventional loan could be the smartest choice for you? Contact Supreme Lending today. We’ll help you understand the loan process and secure a mortgage that makes sense for you.