Loans & Programs
Fairway Independent Mortgage makes buying a home or refinancing your current loan quick and easy with a Conventional Loan.
Fairway was excited to see Charlotte listed as number 1 on Yahoo Finance’s ‘Best Cities For High Pay and Low Expenses’ and number 4 on Forbes’ list of ‘The Fastest Growing Cities Since the 2007 Recession.’ We have seen a lot of homes going up on the market and spring is sure to bring even more. Are you ready to list your home to move into a larger home? A conventional loan might be right for you!
If you are planning to borrow $548,250 or less, you’ll likely want a conforming conventional loan. Conforming loans are not made by a government entity, they simply ‘conform’ to the guidelines set forth by Fannie Mae and Freddie Mac. These established guidelines generally call for a minimum credit score, certain income requirements, and a minimum down payment of at least 3%.
Conventional home mortgage loans have either fixed or adjustable rates. A fixed-rate mortgage, means that your mortgage monthly payments remain fixed for the period of the loan and typically have a term of 15 or 30 years. A shorter-term loan usually results in a lower interest rate. An adjustable-rate mortgage, or ARM, fluctuates in relation to the rate of a standard financial index; therefore, monthly payments can go up or down accordingly.
Choosing the right loan program for your custom scenario is very important to your home ownership success, and we are experts in helping you make the right choice.