Conventional Loans

Conventional Loan programs give buyers freedom from property restrictions and fewer underwriting restrictions than federal loan programs. Plus, those who can’t afford a 20% down payment have the option to qualify for a Conventional Loan with a much lower down payment.

At Union Home Mortgage Corp, we offer borrowers a variety of Conventional Loans to choose from.

Types of Conventional Loans

  • Fixed Rate Mortgages: The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. On the other hand, the 15-year fixed rate mortgage is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate. The disadvantage is that, with a 15-year loan, you commit to a shorter period of time to pay off your home and often have a higher monthly payment.
  • ARMs: Adjustable Rate Mortgages (ARMs) are designed for borrowers who don’t expect to be in a home for a long period of time. These adjustable-rate mortgages are fixed for a period of time and can adjust thereafter. The increasingly popular Hybrid ARMs (also called 3/1, 5/1 or 7/1) can offer the best of both worlds. These loans have lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable-rate loans. These loans can also be a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

At Union Home Mortgage Corp, we understand that buying a home is a very important decision. Before getting bogged down in the different loan programs available, reach out to one of our knowledgeable Loan Officers to schedule a free consultation. We are here to help!

FHA Loans
Low Down Payment Options, Federally Insured Loans
203K Loans
FHA Loans for homes in need of repair. Can be used for purchase or refinance.
VA Loans
Loan opportunity for qualified veterans, active members, and spouses. No Mortgage Insurance required.
USDA Loans
Flexible Mortgage Guidelines. Seller can contribute to closing costs.
Cash-Out Refinancing, Lower Your Interest Rate, Streamlined Refinancing.
Conventional Loans
Competitive Mortgage Rates, Flexible Terms