Thinking about refinancing? A Conventional Refinance Loan might be the answer you’re looking for. This option is perfect for homeowners who want to lower their interest rate, change their loan term, or tap into their home’s equity. With its flexibility and competitive rates—plus no government backing—it's a popular choice for many.
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By refinancing, you can secure a lower rate, which can significantly reduce your monthly payments and save you money over the long haul. It’s a smart way to lighten your financial load.
If you’ve built up at least 20% equity in your home, you could eliminate private mortgage insurance (PMI), putting more money back in your pocket every month.
You can choose a loan term that fits your life, whether you want to pay off your mortgage faster or lower your monthly payments.
To qualify for a Conventional Refinance, you generally need a credit score of 620 or higher and a loan-to-value (LTV) ratio of 80% or less to avoid PMI. As long as you have a stable income, you’re well on your way to securing this popular option. Other conditions may apply.
This option is ideal for homeowners looking to combine their home renovation costs with their mortgage into a single loan. With its competitive rates and the ability to finance virtually any home improvement project, it’s a versatile choice for those wanting to enhance their living space.
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