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Conventional Home Loans

What is a Conventional Home Loan?

Loans secured by government sponsored entities (GSE's) such as Fannie Mae and Freddie Mac are conventional loans.

Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes.

In general, Fannie Mae and Freddie Mac's single family, first mortgage loan limit is $417,000 in 2006. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes. The current loan limit applies to all conventional mortgages delivered after January 1, 2006.

Loans which are larger than the limits set by Fannie Mae and Freddie Mac are called jumbo loans. Because jumbo loans are not funded by these government sponsored entities, they usually carry a higher interest rate and some additional underwriting requirements.

In addition to common loan structures such as fixed rate, adjustable rate and balloon loans, Fannie Mae and Freddie Mac also have loan programs for low to no down payments, community lending and affordable housing initiatives, construction to permanent, home improvement and reverse mortgages.

Bankers Group conventional loan programs include: no income no asset verification, home equity lines of credit (heloc), second mortgages, adjustable rate loans and 15 and 30-year fixed and 40-year amortization loans.

We work in Los Angeles county real estate. For a quote or loan application package call us at 818-226-6100.

APPLY NOW

Dorothy Reik

818-226-6100

Likely before you came to Bankers Group, you were shopping around for a home loan in Los Angeles County to help you get the best financing deal on the market.

A mortgage ￿ whether it's a home purchase, refinancing, or home equity loan ￿ is a product just like a car. So, the price and terms may be negotiable. Shopping, comparing, and finding your way to Bankers Group may have saved you thousands of dollars.

Bankers Group is a mortgage broker center working in the Los Angeles County area. As brokers, we arrange transactions rather than lending money directly. In other words, we find a lender for you. Our access to several lenders translates to a wider selection of loan products and terms from which you can choose.

Maybe you were searching the Internet for a way to refinance your existing los angeles county home loan. Because refinancing involves many of the same steps you followed to get your current mortgage, the refi road may seem familiar. You may, however, face a few additional steps and different types of expenses.

To refinance means paying-off your current mortgage and taking out a new loan.

Homeowners opt to refinance for a multitude of reasons, but the most common is obtaining a lower mortgage interest rate to lower monthly payments. However, some other popular reasons to seek out a refinancing solution are building equity faster, changing a loan type to taking advantage of an improved credit rating or drawing on already built equity in the home.

To help determine if you're ready to refinance on a home loan in Los Angeles county, contact Dorothy Reik directly at Bankers Group:
818-226-6100.





Home Commercial Loans |   Escrow |  Hard Money |  Home Equity Loans | Home Mortgages | Refinance | |
Bankers Group   5311 Topanga Canyon Blvd. Suite 201    Woodland Hills, CA 91364
Cal BRE# 01233829 | NMLS ID# 294230 | BGIF, Inc. dba Bankers Group
PH: 818-226-6100 | Fax: 818-226-6111
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