Posted on: 20th Dec, 2011 01:32 pm
I used to think a Conventional Loan was a good thing. You're actually treated like crap by the lenders. All the breaks go to those already owned by Freddie and Fannie, like no-appraisal re-fi...
hi yukshmoog!
welcome to forums!
i guess you had a bad experience with conventional loan. if you can pay off the mortgage payments on time, then any kind of loan is a good option. but again, even if you go for conventional loans, you can get a refinance provided you have equity in your property. however, it is true that you need to go for property appraisal in order to find out whether or not there is equity in your property.
feel free to ask if you've further queries.
sussane
welcome to forums!
i guess you had a bad experience with conventional loan. if you can pay off the mortgage payments on time, then any kind of loan is a good option. but again, even if you go for conventional loans, you can get a refinance provided you have equity in your property. however, it is true that you need to go for property appraisal in order to find out whether or not there is equity in your property.
feel free to ask if you've further queries.
sussane
Hello yukshmoog,
A conventional loan is a loan that is not insured by the FHA, VA or USDA. Some are ARM's and some are fixed. You can get a fixed rate conventional, FHA, VA or USDA loan. These loans are different from conventional loans in that the period of time intended to pay back the loan is typically only two weeks (the time the individual gets paid), and the financing rates are much higher, from 15% to 30% of the total amount borrowed.
:idea:
A conventional loan is a loan that is not insured by the FHA, VA or USDA. Some are ARM's and some are fixed. You can get a fixed rate conventional, FHA, VA or USDA loan. These loans are different from conventional loans in that the period of time intended to pay back the loan is typically only two weeks (the time the individual gets paid), and the financing rates are much higher, from 15% to 30% of the total amount borrowed.
:idea:
