What are the rules in the conventional loan?
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cristiano
Apprentice
Joined: 23 Nov 2005
Posts: 7
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 Posted: 01/27/09 - 11:25 Post subject: |
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Lenders are usually very careful when making assessments regarding the deals they make. As you can see by the entire turmoil, they are at risk too, just like the individuals who took the mortgage. With respect to it, conventional loan encompasses several types - conforming, fixed rate, jumbo and some other, and the common feature of them is that government does not secure them, which mainly has to do with free market approach, and flexibility of the loan system. Hope you find the info helpful.
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tye
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Joined: 15 Dec 2006
Posts: 5
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| Posted: 02/11/09 - 06:20 Post subject: |
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With a good credit rating, and a good history, you should get good deal because of your credibility. But before you apply, you should know whether you have a high enough credit score (over 650 is ideal). Now, there might be problems and the most common is not being able to keep up the payments. In cases of mortgages or loans, because of individuality of the structure of deals, you may find it easier to work the problem out with the lender, either by restructuring, or by giving additional security.
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tracie
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Joined: 12 Dec 2006
Posts: 7
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| Posted: 02/26/09 - 01:15 Post subject: |
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| Mortgage sum not only depends on the house price, but is in direct relation to it. Now, interest-only mortgages are pretty good deals for you, as they give you a little break immediately after buying a house. However, with conventional loans, especially because of the lack of coverage by government, there is greater flexibility in making the deals. For more info, go to http://www.finweb.com/mortgage-loan-education/conventional-loans-pros-and-cons.html. |
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