CONVENTIONAL MORTGAGE

Many people who become homeowners do so in order to gain a greater sense of stability. Having a piece of property that you can rely on and call your own means a lot.

If you’re a homeowner looking for that same kind of stability in a home loan, traditional conventional mortgages from Castle Rock Mortgage. may just be a perfect fit.

What is a Conventional Mortgage?

A traditional Conventional mortgage is the most common of all home loans.  Conventional mortgages are non-government backed loans.  Conventional loans are broken up into 2 subsets of loans:  conforming and nonconforming.  Loan amounts up to the maximum loan limits set by the FHFA are conforming.  Loans above those set loan limits are nonconforming. 

Conforming loans are underwritten to Fannie Mae and Freddie Mac general requirements.  These loans have a minimum credit score requirement of 620 or higher.

These mortgage loans in Arizona, Colorado and Florida are available in terms ranging from 8 to 30 years and can be paid off at any time without penalty. Furthermore, these mortgages are structured, or "amortized," so that they will be completely paid off by the end of the loan term.

What About the Escrow Account?

Despite the stable nature of fixed-rate mortgages in Arizona, Colorado and Florida, your monthly payment amount may still vary due to other factors, such as if you have an "escrow account" a.k.a. impound account.

An escrow account is set up by the lender and is used to collect money each month from the mortgage payments. This is done so that the lender can facilitate paying for your other homeownership costs like property taxes and homeowners’ insurance.

If for any reason either the property tax or the insurance costs happen to change during this time, the borrower's monthly payment will be adjusted accordingly.

Every day, Castle Rock Mortgage helps people all across Arizona, Colorado and Florida become homeowners. The same sense of satisfaction and stability a person gains from owning property is the exact same sense of satisfaction and stability we strive to bring to all our borrowers.

If you’re looking for a fixed-rate mortgage to purchase a home or acash-out refinance, don’t wait another minute. Contact Castle Rock Mortgage today.