Advantages of a Conventional Mortgage in Lattins Landing, CT

Conventional home loans in Lattins Landing, CT are usually the best choice if you have excellent credit and can put down at least 20% on your loan. Conventional mortgages are very flexible, as they can be used to buy not only a primary residence, but also an investment property or a vacation home. This is unlike VA loans and FA loans which can only be used to buy your primary residence. Conventional home loans can have a term of anywhere from one to forty years, and either a fixed or adjustable interest rate.

There are many important benefits to choosing a conventional loan in Lattins Landing, CT over a government-backed loan including:

• Much lower fees than FHA mortgages.
• Private mortgage insurance (PMI) is only required when you put down less than 20%.
• PMI, if necessary, can be removed as soon as you build enough equity, unlike FHA loans.
• Down payments as low as 3% for well-qualified borrowers.
• Loans typically close faster.

Conventional Loan vs

Government Insured Loans in Lattins Landing, CT

When you are deciding between a conventional and government insured mortgage such as FHA or VA, think about what is most important to you. If you have excellent credit and the ability to put down 20%, a Lattins Landing, CT conventional mortgage will save you more in the long run. If you want to pay less up front and get a higher monthly mortgage payment, you may prefer a government-backed mortgage.