Conventional Loan programs offer flexibility and options other loan types do not. Our conventional loan adheres to the GSE (Fannie Mae and Freddie Mac) guidelines.
Lenders will require private mortgage insurance (PMI) on conventional loans when a homebuyer is putting less than 20 percent down on a purchase property.
A homebuyer may cancel PMI once they have 20% equity in their property.
Yes, a conventional loan may be refinanced.
When refinancing a conventional loan, PMI will be required if the loan to value of the property has less than 20% equity.
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