Conventional Fixed Rate Mortgages
A Conventional Fixed Rate mortgage follows the guidelines established by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans and package them into securities and sell the securities to investors. Thus, Fannie Mae and Freddie Mac provide an on-going flow of funds for home loans that results in easily accessible loans for all Americans.
The Fannie Mae and Freddie Mac guidelines establish the maximum loan amount and the underwriting parameters. The maximum loan amount is the same for both a fixed rate and adjustable rate mortgage (ARM). The current maximum conventional fixed loan amount is $424,100.
A Conventional Fixed rate mortgage has an interest rate that is locked for the length of the loan. One of the most popular fixed rate mortgage terms is a 30-year fixed mortgage. However, there are other common loan lengths as well, such as, 20-year, 15-year and 10-year. Historically, the shorter the fixed term, the lower the interest rate. Conforming fixed rate mortgages are available on a primary residence, a second or vacation home and even an investment property.
I highly recommend using Jimmy Dunn for your mortgage needs! I shopped around and he was by far the most responsive, knowledgeable and trustworthy. He made the entire process so easy. I refinanced right before the rates went up and Jimmy worked hard to get me the best deal. When unavoidable issues came up in the underwriting process, he was relentless in getting the issues fixed and the loan closed. You won't be disappointed if you choose to use Jimmy for your lending needs!
Our family could not fulfill our financial goals in Real Estate without Jimmy’s expertise. He is knowledgeable, thoughtful, helpful, expedient with his work. He was also very patient with our work when it came to customizing our home buying and refinancing needs. In the holiday season, we all have things to be thankful for, and a productive working relationship with Jimmy is at the top of our families list. I strongly recommend others to work with Jimmy for any Real Estate financing needs.
I recently refinanced my home with Mortgage Solutions of St St Louis. My past experiences with refinancing taught me that the process would be long, stressful and time consuming. My experience with Mortgage Solutions of St Louis was the exact opposite. They were friendly, fast and made it easy. I think the difference is working with a company that does this all the time, they understand how to get people thru the approval process because they know what they are doing. Other firms do it part time and don't have the expertise. I would highly recommend them to anyone, they are customer focused and driven to help the consumer, not just a bank.
Webster Groves, MO
Mortgage Solutions always takes great care of us. They understand the market, can time their deals to deliver the highest benefit to their clients and make the process smooth.
Keefe Group
I can't say enough great things about Mortgage Solutions. Both my original loan and refinance were smooth and required a minimal amount of hassle. They are great about getting back to you immediately if you have questions or concerns. The best part is that they refinance for free, so we were able to switch from a 30 year to a 20 year at no cost to us and keep essentially the same payments.
St Genevieve School