Flexible Fixed-Rate Mortgages for Buyers Who Want Stability
A conventional mortgage is the most common way Americans finance a home, and it can be an excellent fit for buyers with steady income and solid credit. Private Mortgage Guarantee LLC helps homebuyers and homeowners in Grand Rapids, MI, compare conventional loan options with clarity and care. Michael Morse and our locally owned team bring 25 years of experience to the table. Get approved today by calling 616-822-3068 for a free quote.
What Is a Conventional Loan?
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. Instead, these loans follow guidelines set by private lenders and investors. They can be used to buy a primary residence, a second home, or an investment property, and they are available with a variety of terms and structures.
Conventional Loan Requirements
Credit Score Expectations
Conventional loans typically require a credit score of 620 or higher. A higher score may help you secure better terms, so we review your report with you and discuss ways to strengthen your profile before you apply.
Down Payment and Mortgage Insurance
Down payment needs vary by borrower and program. If you put down less than 20%, private mortgage insurance may be required, and we explain how that affects your monthly payment. Putting down more can sometimes reduce your overall costs.
Loan Limits and Jumbo Options
When a loan amount exceeds conforming limits, a jumbo loan may be needed. Our team will help you determine which category fits your purchase.
Why Choose a Conventional Mortgage?
Conventional loans offer flexibility for many kinds of buyers. Highlights include:
Fixed or adjustable rate options
A choice of loan terms
Mortgage insurance that can sometimes be removed as your equity grows
Potentially lower costs than government-backed programs for borrowers with strong credit
Convenient Service From a Local Mortgage Team
Most loans close in about 15 to 20 days. You can complete consultations, applications, and closings by phone, email, text, and online portal, or ask us to come to you. We offer free quotes and after-hours service, and we speak Spanish.
Serving Homebuyers Across the Grand Rapids Area
We help borrowers in Grand Rapids, Wyoming, Kentwood, Walker, Grandville, Northview, Comstock Park, Forest Hills, Jenison, Cutlerville, Cascade, and Belmont from our office at 2130 Wealthy St SE in East Grand Rapids, Michigan.
Fixed-Rate vs. Adjustable-Rate Conventional Loans
A fixed-rate mortgage keeps your interest rate and principal and interest payment the same for the life of the loan, which many buyers like for budgeting. An adjustable-rate mortgage starts with a lower introductory rate that can change later. We explain how each option works, what could happen to your payment, and which choice may suit how long you plan to stay in the home.
Primary Homes, Second Homes, and Rentals
Conventional financing is flexible about how you use the property. Down payment and rate expectations can differ for second homes and investment properties, so we outline the requirements before you make an offer.
Request a Free Conventional Loan Quote
Call Private Mortgage Guarantee LLC at 616-822-3068and let our fully trained staff show you what you qualify for. We hold NMLS Company License 203331717 and are ready to help you get approved.