New York Conventional Mortgages

A Conventional Mortgage  is a home loan that is not guaranteed or insured by government agencies such as the FHA, FMHA, and the VA. The down payment of conventional loan is generally higher than FHA mortgage loans. Conventional mortgage is also offered with 30, 20, 15, and 10 years fixed terms as well as adjustable rate mortgage terms such as 3/1, 5/1, 7/1, 10/1. New York conventional home mortgage loans are a great option for good credit borrowers.

Advantages of a Conventional Mortgage:

  • Lower cost to obtain PMI (Private Mortgage Insurance).
  • During seller’s market, such a loan applicant will have a better chance of getting their offer accepted by the seller.
  • No prepayment penalty applies for payoff.
  • Lower closing cost due to no or low mortgage insurance premium and lower rate of PMI.

Disadvantages of a Conventional Mortgage:

  • Payments can be higher.
  • Loss of income tax deduction for short term loan due to quicker loan payoffs.
  • Lower debt-to-income ratio to qualify for larger loan amount.
  • Requires higher credit score.
  • Conventional loans generally require larger down payment than FHA or VA loans.

Lion Mortgage offers New York conventional home loans that can suit most borrowers. As your New York mortgage company we are dedicated to offering you the best home mortgage choice available for your unique situation. Contact us or apply online today and we can help you in the mortgage of your dreams.


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