What is a Conventional Loan

Published On: October 20, 2017|Categories: Charlotte lifestyle real estate blog|Tags: Financing, What is a Conventional Loan|

When you’re buying a home in Charlotte or any of the surrounding communities, whether it’s a house for sale in Matthews, a Mint Hill home for sale, or a house for sale in Weddington, you’re probably going to need to borrow money from a lender by way of a mortgage.

(If you’re a first-time buyer or a move-up buyer, you could be eligible to buy a home with no money down and no PMI).

What is a Conventional Loan?

A conventional loan is what you get when you borrow money from a lender to buy something – in this case, a house. You can get this type of loan from a bank, a savings and loan, a mortgage broker that funds its own loans, or a credit union.

Typically, conventional loans last between 15 and 30 years, although there are other options available in many cases.

Fixed-Rate and Adjustable Mortgages

A fixed-rate loan is one in which your interest rate stays the same, no matter what the market does, for the life of your loan.

An adjustable-rate mortgage is one in which your interest fluctuates at set intervals (usually each year after an initial period of 5, 7 or 10 years where it’s fixed) based on what the market does.

Are You Buying a Home in Charlotte?

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If you’re moving to Charlotte, we can help you find the perfect home. Give us a call at 704-608-2794 or get in touch with us online to let us know what you’re looking for. We’ll help you find it!

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Are You Looking for a New Home in the Charlotte Area?

We can help you find the perfect home, no matter what you’re looking for. Our dedicated real estate team can keep an eye out for homes featuring things not usually listed in data bases and keep you informed, if you contact us and let us know what to look out for. Give us a call at 704-608-2794 or get in touch with us online to let us know what you’re looking for. We’ll help you find it!

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