Refinancing the Conventional Way
Conventional loans are popular refinancing options among homeowners who have good credit and stable finances. Since conventional loans are not backed by the government, they offer more flexible terms and fewer restrictions. And, if you have at least 20% equity, you can avoid paying private mortgage insurance (PMI).
Here’s why you should consider refinancing with a conventional loan:
- They are much simpler to apply and qualify for, with less paperwork and fewer rules and regulations.
- You have a lot more options to choose from and the terms are more flexible and easier to customize.
- They can be used for almost all types of properties, from single- and multi-family homes to condominiums and even manufactured homes.
When you’re ready to refinance and have a mortgage that fits your goals, consider a conventional loan. Your PrimeLending loan officer can help answer any questions and look into which loan type matches your needs best.