Conventional loans are a great option for buyers who can put more money down. They require larger initial deposits, ranging from 10-20%. But if you’re under 20%, don’t worry – mortgage insurance is required no matter who holds the loan!
- Benefits of a Conventional Loan are:
- Conventional loans come with increased options such as higher loan limits and more flexible terms.
- Borrowers who wish to pay their home insurance and property taxes directly can sometimes do so under a conventional loan.
- Conventional loan is known to close much quicker than government-backed loan.
