This lets you know the estimate loan amount you’ll be eligible for and gets the ball rolling on your homebuying process.
Conventional Home Loans
A Conventional loan is great for those who have saved for their down payment and are ready to move quickly through the process.
Why use a Conventional home loan?
Faster loan process.
Conventional loans don’t need to be approved by the government, so the process moves faster. They also require less paperwork and have lower fees. This means getting you into your new home quicker!
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Eliminate PMI.
If you choose to put 20% down, you'll likely eliminate Private Mortgage Insurance and lower your monthly payments.
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Potentially Lower Interest Rates
Factors, such as stable income and good credit score, make it possible to have lower interest rates with a Conventional loan.
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Property Options
Conventional loans can be used for a variety of property types, expanding your purchase options.
Steps to a conventional loan.
We're with you every step of the way! Together, we'll assess your situation, connect you with the right loan program, and walk you through the entire process.
The closing process may seem like a long way away, but together we'll get there! And, after you've signed your paperwork, you'll have the keys to your new home.
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Have a question? Send us a message.
Contact us using the form below and one of our mortgage consultants will respond to you shortly.
Frequently asked Conventional loan questions.
How much do I need for a conventional loan down payment in Indianapolis?
Your down payment will partially depend on your credit score.
The higher your credit score, the lower your down payment can be. The conventional home loan also offers options more options for your down payments.
It's also important to keep in mind, the higher your down payment, the less interest you’ll pay over the life of your loan.
Are there Conventional loan limits?
Several factors play into the loan limits. Mostly, it is determined by the terms of the loan and the location of the house.
The maximum, also known as the ceiling, and the minimum, also known as the floor, vary according to the cost of the area. To learn more about the limits in Indianapolis, talk to us!
Do I have to pay mortgage insurance with a Convetional loan?
This depends on your down payment.
If you’re a first time homebuyer taking advantage of the 3% down payment option, you will be required to pay mortgage insurance.
In fact, a down payment less than 20% will require you to pay mortgage insurance. When you put 20% or more down on your home, you can eliminate PMI.
How do I start the Conventional loan process in Indianapolis?
Start by applying for pre-approval with us today!