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RoundPoint Mortgage Servicing Corporation's conventional home loans are both easy and affordable.
RoundPoint Mortgage Servicing Corporation’s conventional home loans are both an easy and affordable option for many borrowers. Our conventional mortgages are available in both fixed rate and adjustable rate mortgage terms.
Low Down Payment Options
If you have good credit you could qualify for the attractive flexibility of down payment options that conventional loans allow. If you’re willing to pay mortgage insurance, you could put as little as 3% down on your new home! Plus, conventional mortgages often allow down payment and closing cost assistance programs to help homebuyers cover the costs of a new home loan.
Avoid Mortgage Insurance with a Larger Down Payment
Private Mortgage Insurance, or PMI, is a monthly fee on your mortgage payment that protects the lender if you stop making payments on your loan. PMI is usually required if you choose to put a down payment of less than 20% of your home’s purchase price with a conventional loan. If you’re refinancing with a conventional loan, PMI is required if you have less than 20% equity in your property.
If you want to avoid paying PMI each month, conventional home loans remove this requirement for borrowers who put 20% or more down on their loan. You also have the option to refinance later to remove monthly PMI when you’ve built up over 20% equity in your home.
You Could Still Qualify with a Lower Credit Score
Conventional loans allow borrowers to qualify with credit scores as low as 620 FICO. If you’re concerned about qualifying for a mortgage because of your credit, contact a RoundPoint Mortgage Servicing Corporation loan officer today to discuss your options.
First-Time Homebuyer Programs are Available
If you’re a first time homebuyer, you may be eligible for a special conventional mortgage program that provides loosened requirements to first time buyers. These programs, Home Possible® and HomeReady®, allow smaller down payments, lower credit scores, and flexibility for low-income borrowers.
Conventional Mortgage Rates Are Historically Low - for Now...
It’s no secret that current mortgage rates are low, but they are trending upwards. So, if you’re considering locking in a loan; now is the time to act.
Compared to other mortgage programs, conventional rates are usually slightly higher than VA loans and slightly lower than FHA loans and jumbo loans. While your personal mortgage interest rate will depend on several factors including your credit, down payment, loan amount, etc., you can be confident that you’ll receive a highly competitive rate when you work with RoundPoint Mortgage Servicing Corporation.