Conventional loans provide value and flexibility to qualified borrowers.
Penrith offers a variety of conventional loan options providing eligible borrowers desirable advantages like the elimination of mortgage insurance, flexibility in regards to property type, competitive interest rates and a streamlined documentation process. Conventional loans are offered in a variety of terms and allow for flexible down payment options.
- Lowest fixed rates for eligible borrowers available in terms of 10, 15, 20 and 30 year loans
- Adjustable-rate mortgages (ARMs) offered in 3/1, 5/1, 7/1 and 10/1 year terms
- May be utilized for properties commonly restricted by government loans
- Conventional loans require less documentation, so you may close sooner
- Multiple down payment options starting at 3% down for qualified borrowers
Is a conventional loan right for you?
Conventional loans are typically best suited for borrowers with strong credit scores and a solid down payment of at least 20% of the property’s purchase price. If you’re looking to finance a property that may be restricted when utilizing government loans, a conventional mortgage could be the right option. Refinancing into a conventional loan is also a good solution for borrowers who would like to remove their current mortgage insurance and lower their monthly payments.
Our mortgage consultants can walk you through each of our available loan products and answer any questions you may have.