Conventional Mortgage Loan
It is the type of loan that is not provided by any government organization. So a mortgage can not be qualified to be called a Conventional mortgage if the lender is a government entity.
There can be some exceptions if the corporation is partially owned by the government. Sometimes it is difficult to understand the difference between the types of mortgages and loans because each type has different meaning and purpose.
To be qualified as Conventional Mortgage, it must be provided by a private lender. There are many options available including banks and credit unions. You can also get them from Federal Home Loan Mortgage Corporation and Federal National Mortgage Association which are renowned government backed companies. Sometimes people confuse them with conforming loans. It is understandable why this can be confusing, that is why the following difference will help you differentiate both these types easily.
A Conforming Loan or Mortgage is the one which can be secured if a person meets a certain criterion for the funding of loans. If total mortgage or loan secured exceeds $484,350, then it is a conventional loan, but if the total loans provided is less $484,350 then it is a Conforming Loan because it does not exceed the limit set by the above-mentioned mortgage providers.
WHY THE VANGUARD MORTGAGE?
DIRECT LENDER
DIRECT UNDERWRITER
Set guidelines and a streamlined underwriting process make closings happen swiftly. As fast as 48 hours
PROFESSIONALISM
WHOLESALE RATES
Correspondent lending gives us the ability to bring wholesale rates to the consumer
3 EASY STEPS
TO GET YOUR MORTGAGE
Prequalification
Start with some basic info about your assets, credit profile, income. As a result – amount to borrow and the rate
Application
Funding
CALCULATE YOUR MORTGAGE
SOME FEATURES YOU MIGHT LOVE:
Privacy
We do not share information with any third party companies or resellers.
Quick Turnaround
We built technology that helps expedite the review of your loan documentation. This leads to faster closings and a better overall experience for our clients.
Credit score under control
Application process does not affect your credit score.
Online
You can allpy online, upload required dociments, schedule a conversation with a mortgage loan originator here. Everything at one place.
Transparency
Our technology ensures that you are kept up-to-date on the status of your loan application at all times. You will have secure access to your loan documentation throughout the process.
SOME QUESTIONS LEFT?
NMLS 1739929
© 2019 The Vanguard Mortgage LLC