Have you been looking at Conventional Loans? Conventional Lenders prefer a high down payment and high credit but sometimes they will grant a loan to someone with a low down payment and high credit.  The higher your credit score; the better chance of getting a lower interest rate. If you have a credit score that is low and you still qualify for the loan, you will have a higher rate than someone with a high credit score. Typically this loan would be a 30 year fixed rate loan. The terms of the loan will change depending on your down payment.  Down payments less than 20 percent down make you a bigger risk to a lender and typically require private mortgage insurance (PMI).  PMI protects the lender in case of default.  Avoiding PMI may be accomplished with a larger down payment.

Need information about Conventional Loans? Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified or pre-qualify. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.