Conventional Home Loans

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The Process to Secure a Conventional Home Loan Is Simple

In a market where every offer looks the same, yours should stand out. That’s why we deliver certainty, not just pre-approvals.

With Mares Mortgage, you don’t wait. You close in 15 days or less. Sellers see your offer backed by real financing, not just a promise. And that makes all the difference.

✔ Fast-track closing.

✔ Financing sellers trust.

✔ A seamless, stress-free process.

Because your dream home shouldn’t slip away. Make your move. Let’s lock in your conventional loan today.

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What Is a Conventional Home Loan?

A conventional home loan is a mortgage that isn’t backed by a government agency like the FHA or VA. It’s issued through private lenders and follows guidelines set by Fannie Mae and Freddie Mac, which helps keep rates competitive and terms relatively straightforward. For most buyers, it’s one of the most accessible financing paths available, especially if you have a solid credit history and a reliable income.

Conventional mortgages fall into two main categories: conforming and non-conforming. Conforming loans must comply with the loan limits set each year by the Federal Housing Finance Agency. Individuals buying property in California should especially note the current conforming loan limits in California to select the most suitable option based on their purchase price.‍

Comparing The Best 5 Home Loan Programs

Conventional Loan Requirements

Most lenders look at a few key factors when you apply. Here’s what to generally expect:

• A minimum credit score of 620, though higher scores typically unlock better rates
• A down payment starting at 3% for first-time buyers, or 5% for repeat buyers
• A debt-to-income ratio typically below 45%
• Stable, documented income and employment history

If your down payment is under 20%, you’ll need to carry private mortgage insurance until you reach 20% equity. The upside is that it drops off automatically once you hit that threshold, giving you a built-in cost reduction over time. That automatic cancellation is one advantage conventional loans carry over some government-backed programs.

Fixed Rate or Adjustable Rate: Which One Fits You?

Choosing between a fixed rate vs adjustable rate mortgage  is a critical decision based on your ownership timeline, risk tolerance, and the current interest rate environment.

With an FRM, the interest rate remains constant for the entire loan term (typically 15 or 30 years).

• Benefits: Guarantees stable monthly principal and interest payments, simplifying long-term budgeting. It is ideal for buyers planning to stay in their home for many years as it locks in the borrowing cost and protects against rising rates.
• Trade-Off: The initial interest rate is often slightly higher than an ARM's introductory rate.

Adjustable Rate Mortgage (ARM): Flexibility and Risk

An ARM starts with a lower, fixed interest rate for an introductory period (e.g., 5/1 or 7/1), after which the rate resets periodically based on a market index.

• Benefits: The lower introductory rate means lower initial monthly payments, attractive for short-term budgets. It's a strategic choice for those who plan to sell or refinance before the fixed period expires.
• Risk: After the fixed period, the rate can increase significantly (up to a cap), resulting in substantially higher and unpredictable monthly payments. This makes ARMs generally ill-suited for long-term homeownership.

How To Get A Mortgage What You Need To Know

How the Mortgage Process Works

The mortgage process, a structured path to homeownership, has four stages: pre-approval, underwriting, appraisal, and closing. Mares Mortgage optimizes this process for speed, allowing clients to close in 15 days or less. This swiftness is a strategic advantage in competitive markets like Orange County, enabling a fast, verified offer that helps secure the home.

The stages are:

1. Pre-Approval: Submit financial data for a conditional letter stating the qualified loan amount, demonstrating you are a serious buyer.
2. Underwriting: The loan application is verified, with an underwriter checking all documentation to meet lender and government guidelines.
3. Appraisal: An independent appraiser evaluates the property's value to ensure the loan does not exceed its fair market value.
4. Closing: The final stage where legal documents are signed, funds are transferred, and the property title is transferred to the buyer, completing the timely 15-day close.

Why Buyers Choose Mares Mortgage

Mares Mortgage has been one of the most established mortgage brokers on the West Coast since 1993. That track record means you’re working with a team that knows the full range of conventional loan programs and can match you with the right one without the usual back-and-forth. With access to multiple lenders, you get real rate comparisons, not just one number from one source.

• Fast pre-approval, often without a credit check
• Access to multiple lenders for competitive rate comparisons
• Dedicated licensed mortgage professionals from start to close
• Closing timelines of 15 days or less
• AI-powered calculators that estimate your payment options quickly

Ready to move forward? Contact us today and let’s find the conventional loan that fits your goals.

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