What are the benefits of a conventional loan?
An example of an AI chatbot conversation about the benefits of conventional loans.
What are the benefits of a conventional loan?
Conventional loans typically offer lower interest rates and flexible terms. They don't require mortgage insurance if you put down 20%.
Are there any downsides to conventional loans?
Yes, they usually require a higher credit score and a larger down payment compared to government-backed loans.
How does the down payment affect my loan?
A larger down payment can lower your monthly payments and eliminate the need for private mortgage insurance (PMI).
Can I refinance a conventional loan?
Absolutely! Refinancing a conventional loan can help you secure a lower interest rate or change the loan term.
What is the typical interest rate for a conventional loan?
Interest rates for conventional loans vary based on market conditions, but they are generally competitive compared to other loan types.
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