Conventional Home Loans in New York

Welcome to Jet Direct Mortgage! We are home loan experts dedicated to making sure you find the right loan program with low interest rates for your home purchase or refinance. Below are some of the New York counties we proudly serve:

• Bronx
• Kings County
• New York County
• Queens County
• Richmond County

Whether you’re looking to buy your first home, you want to refinance your existing home, or you’re thinking about exploring a Conventional Home Loan, you’re going to want to work with the best mortgage company possible.

Why Jet Direct Mortgage

Simple Application & Approval Process

We simplify the home financing process through our intuitive online platform, allowing you to quickly apply and secure pre-qualification for a home loan. With our dedicated mortgage experts providing timely responses and assistance, your journey to home financing is both smooth and efficient.

Conventional Loans and FHA Loans are some of the most common loan programs in New York. They’re great for buyers regardless of credit history or income! If you need help with your mortgage but don’t know where to start – Jet Direct Mortgage can help and find out what’s best suited fit within each program designed specifically for homeowners like yourself.

Our mortgage lenders have successfully helped hundreds of borrowers in these counties:

• Bronx County
• Kings County
• New York County
• Queens County
• Richmond County
• Brooklyn County

Conventional Home Loans Benefits

Conventional loans are a popular mortgage option for many homebuyers. Here are some benefits of choosing a conventional loan:

• Flexibility: Conventional loans come in various terms, such as 10, 15, 20, and 30 years, allowing borrowers to choose a term that fits their financial situation and goals.
• No Upfront Mortgage Insurance: Unlike some government-backed loans, conventional loans don’t require an upfront mortgage insurance premium, which can save borrowers money.
• Elimination of Mortgage Insurance: If you put down 20% or more as a down payment, you won’t have to pay monthly mortgage insurance.
• Higher Loan Limits: In many areas, conventional loans offer higher borrowing amounts than government-backed loans.
• Diverse Property Types: Conventional loans can be used for primary residences, second homes, and investment properties, giving borrowers more versatility.
• Rate Choices: Borrowers can choose between fixed-rate and adjustable-rate mortgages.
• No Government Involvement: As they are not insured or guaranteed by the federal government, there’s no need to meet any additional governmental guidelines or potential bureaucracy.
• Potential for Lower Rates: Depending on your credit score and down payment, you might be able to secure a lower interest rate with a conventional loan compared to some government-backed loans.
• Refinancing Flexibility: Conventional loans allow homeowners to refinance their mortgage if interest rates drop, potentially leading to lower monthly payments.
• Fewer Restrictions: There might be fewer property condition requirements compared to some government-backed loans.
  
  When considering a conventional loan, it’s essential to compare it to other loan products and consult with a mortgage professional to ensure it’s the right fit for your financial situation and homebuying goals.

FAQs (Conforming Loans)

1. What is What is a Conventional Home Loan?
   A Conventional Home Loan is a mortgage not insured by any government program. It’s a popular choice among borrowers due to its flexibility in terms of loan terms and lower costs.
2. Why is a Conventional Loan often preferred by first-time homebuyers?
   First-time homebuyers often prefer Conventional Loans because they offer competitive interest rates and more flexibility in terms of down payment amounts and credit scores compared to government-insured loans.
3. How does a Conventional Loan benefit those looking to refinance?
   For refinancing, Conventional Loans can be advantageous due to potentially lower interest rates and the ability to remove private mortgage insurance (PMI) once you achieve sufficient equity in your home.
4. What are the down payment requirements for a Conventional Loan?
   Conventional Loans can have down payments as low as 3%, though a down payment of 20% or more can eliminate the need for PMI, reducing overall costs.
5. Are there any flexibility advantages with Conventional Loans?
   Yes, Conventional Loans offer more flexibility with property types and use. They can be used for primary residences, second homes, or investment properties.
6. What are the credit score requirements for a Conventional Loan?
   Typically, lenders prefer a credit score of 620 or higher for Conventional Loans. However, better terms are often available for higher scores.
7. Can I get a Conventional Loan with a higher debt-to-income ratio?
   Yes, Conventional Loans are generally more lenient with debt-to-income ratios compared to government-backed loans, offering more opportunities for those with higher debts.
8. How does PMI work with Conventional Loans?
   Private Mortgage Insurance (PMI) is required if the down payment is less than 20%, but it can be removed once you have 20% equity in your home, unlike some government-backed loans where insurance may be a lifetime requirement.
9. Are there any disadvantages of a Conventional Loan?
   The main disadvantage is that stricter credit score and down payment requirements can make it challenging for some borrowers to qualify.
10. How do I know if a Conventional Loan is the right choice for me?
    It’s best to consult with a mortgage specialist who can assess your financial situation and goals to determine if a Conventional Loan is the most suitable option for you.

FAQs ( Mortgage Broker vs Mortgage Banker)

What’s the difference between a Mortgage Banker and a Mortgage Broker?

A mortgage banker and a mortgage broker are both professionals who help people obtain loans to purchase real estate, but there are some key differences between the two. A mortgage banker is a type of lender who offers home loans directly to borrowers. This means that the mortgage banker is responsible for underwriting the loan and providing the funds for the borrower to use to purchase a home. In contrast, a mortgage broker is a middleman who works with multiple lenders to help borrowers find the best loan for their needs. A mortgage broker does not provide the funds for the loan directly, but instead helps the borrower to find a lender and facilitate the loan application process for a fee.

What is a Mortgage Banker?

A mortgage banker is a type of lender who offers home loans directly to borrowers. This means that the mortgage banker is responsible for underwriting the loan and providing the funds for the borrower to use to purchase a home. A mortgage banker may work for a large financial institution, such as a bank, or may be an independent company that specializes in providing home loans. The mortgage banker is responsible for evaluating the borrower’s financial situation and credit history in order to determine their ability to repay the loan, and will also work with the borrower to determine the best loan product and terms for their needs. In some cases, a mortgage banker may also offer other financial services, such as advice on purchasing a home or refinancing an existing loan.

Benefits of using a Mortgage Banker

There are several benefits to using a mortgage banker when obtaining a home loan. One of the main advantages is that a mortgage banker is a direct lender, so they have the ability to provide a wide range of loan options and customize a loan to meet the specific needs of the borrower. This can be especially helpful for borrowers with unique financial situations or who have credit challenges. Additionally, because a mortgage banker is a direct lender, the borrower can typically get a decision on their loan application more quickly, which can be helpful when trying to meet a tight deadline for purchasing a home. Additionally, working with a mortgage banker can provide a more personalized experience, as the borrower will be dealing directly with the lender rather than a middleman or mortgage broker.