Conventional Home Loans In San Diego

We’ll help you decide if a conventional mortgage loan is right for you. Understanding the differences between the loan options currently available to you can help avoid unnecessary time and expense when trying to qualify for a mortgage in San Diego County.

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Conventional loans are the most common home loan option in the market today but is it right for your specific situation and need? Conventional home loans are defined as loans that are not backed by a federal agency, such as the U.S. Department of Veteran Affairs, U.S. Department of Agriculture or Federal Housing Administration but adhere to the standards and requirements of Fannie Mae and Freddie Mac. Borrowers with a stable job, income and good credit are great candidates for conventional home loans in San Diego County. Contact your mortgage lenders at Synergy One Lending UTC to begin the home loan process.

  • Looking to refinance a conventional loan? We can help you!

 

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We Look Forward To Getting You Into The Home You Deserve!

Benefits of Conventional Loan?

Can Offer Lower Interest Rates

Monthly payments on a conventional mortgage are relatively low. If you are a first time homebuyer, or have not purchased a home in the past 3 years, you are only required to put down 3% for a loan value up to $417,000! Otherwise, anything from $417,001-$580,750 requires only 5%.

 

Flexible Lending Options

Conventional financing offers a variety of loan options. With the market currently offering such low rates, many people opt to go with a 30 year fixed mortgage, however, when going with a conventional mortgage, you can also choose to get an even lower rate with an adjustable rate mortgage (ARM). 

 

Can Avoid Mortgage Insurance

Conventional lenders typically don’t require homeowners to carry mortgage insurance if they hold at least 20% equity in their homes. FHA loans require homeowners to pay an upfront mortgage insurance premium of 1.75% of the loan amount in addition to monthly mortgage insurance payment. (Take out the bit about 1.2% to 1.25% annual) 

Disadvantages of Conventional Loan?

 Longer Waiting Periods

If you have declared bankruptcy or had a short sale, you must wait 4 years before you can purchase a home again. If you have had a foreclosure, you must wait 7 years. The waiting periods for FHA and VA are shorter.

 

 Need Good Credit Score

To qualify for a conventional home loan in San Diego it requires a minimum of a 620 credit score. The higher your credit score the better your interest rate pricing. Often times, borrowers battling a lower score opt to go with an FHA loan for improved pricing and then refinance into a conventional loan in a few years once their score have increased.

Depending on your situation, one type of home loan may make it easier for you to qualify while another may offer a better rate and terms. The most important thing when working with a San Diego mortgage lender is having an expert on your side who knows all the angles of the mortgage industry, Synergy One Lending UTC is that reliable choice. Call us at 858-242-5647 to learn if a Conventional Home Loan is right for you.

Everything You Need To Know About Your Path To Home Ownership 

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Resources For Homebuyers

Find the best resources to learn and better prepare you for purchasing a home and moving into your new home.

Home Loan Process

Learn about the steps you’ll take to become a home owner!  Our personalized approach means the entire conventional home loan process will be as simple and stress-free as possible.

Meet The Team

Get to know our expert San Diego mortgage lenders. Each team member plays an important role in finding you the best home loan possible for your individual situation.

Your home loan purchase gives back to the Military community! 

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Buy A Home Save A Vet

Through our unique program Buy A Home Save A Vet we’ll make a donation on your behalf to help the military community. You’ll give back to non-profits helping with Veteran mental health issues like suicidal depression, PTSD and traumatic brain injury, you choose the non-profit from our list of supporters. We’re the only San Diego mortgage company to offer a program like this!

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If you need more help finding out what home loan option best suits you reach out to one of our home loan lenders.  Act quickly as these low mortgage rates are not going to last forever. Take advantage now!
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