Maine Mortgage Solutions is extensively familiar with the conventional loan process. To further discuss which option for a conventional mortgage might be right for you and for help beginning the loan process.
Maine Mortgage Solutions Can Help You With Conventional Mortgages
This mortgage is a traditional style fixed rate loan, with a low down payment and low rates. This is a secure choice for the borrower, as it protects you from the potential rise in monthly mortgage payments from an unexpected interest rate increase. The conventional mortgage is available in both 15 year and 30 year fixed rate options.
With a 15-year Fixed Rate Mortgage, the borrower pays less interest due to lower interest rates and a shorter loan period. You will pay off your home in less time, but commit to a higher monthly payment. If you want to own your home more quickly than average and pay less interest over the lifetime of the loan this option is your best choice.
With the more popular 30-year Fixed Rate Mortgage, the borrower secures a steady, long term mortgage for those home-owners looking to stay and grow in their home long term. If you prefer to enjoy lower monthly payments and do not plan to leave your home for 7 or more years, then this option is your best choice.