/Conventional Loans
Conventional Loans 2017-11-30T19:27:01+00:00

Conventional Loans

If your credit, income and assets are stable and you’ve got some money for a down payment or even selling your home, you’re probably a good candidate for a conventional loan.

We offer conventional mortgage loans in Raleigh, NC and all of the surrounding areas including Cary, Wake Forest, Pittsboro & Clayton!

Click Here to Find Out How Much You Qualify For

Conventional Loans Wisdom from 20 Years in Lending

You might be thinking “I just need a loan” and wondering why we’re talking about “conventional” loans. Conventional is actually an industry term and simply means a loan that is NOT backed by the government.  FHA, VA and RD are examples of “non-conventional” loans.

The other industry term you might read is “conforming” loans. “Confirming” simply means the loan “conforms” to guidelines set by Fannie Mae (FNMA) and Freddie Mac (FLMC). These 2 government entities set mortgage lending guidelines, buy mortgages from lenders and sell them to investors.

If this sounds complicated, you’re not alone!

Here are a few secrets we’ve learned after 20+ years of writing conventional loans:

  • We believe it’s a good idea to get pre-approved before you go house shopping. Your Realtor will be even happier when you’ve done this first!

  • It’s important to get as much information up-front as you can. You don’t want to tie up your assets for 30 days to find out later you don’t have a loan approval.

  • An online application is a great start, but make sure to have a short follow up phone conversation to confirm your expectations.

  • A low rate doesn’t mean anything unless your loan actually closes.

  • Staying in touch throughout the process is critical to a smooth, on-time closing.

Conventional Loan Basics

  • 20% down payment is required to avoid PMI

  • It’s important to get as much information up-front as you can. You don’t want to tie up your assets for 30 days to find out later you don’t have a loan approval.

  • Requires good or excellent credit

  • Rates are generally lower and can be adjusted higher or lower by paying additional fees

  • Can be used to purchase or refinance investment property

Conventional loan loans seem straightforward at first glance. However, that doesn’t mean your family’s finances are! So while it’s a great idea to pre-qualify online and see what the numbers are, it’s best to schedule a short follow up phone call to discuss your situation and get a firm estimate on the important numbers.

Areas We Serve

The Sherry Riano Lending Team is licensed to write conventional mortgage loans anywhere in the United States.

However, as a local, Raleigh, NC based company, our primary service areas include:

  • Cary

  • Wake Forest

  • Pittsboro

  • Clayton

  • Holly Springs

  • Apex

  • Fuquay Varina

  • Knightdale

  • Wendell