Union Bank
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Conventional Home Mortgage

A Conventional Fixed-Rate mortgage provides a set interest rate and monthly payment that will remain constant over the life of the loan. The primary benefit of a fixed-rate loan is its predictability. If you plan to stay in your new home for a long time, you’ll appreciate the ease of fitting your mortgage payment into your monthly budget. Fixed-rate mortgages also allow you to lock in an interest rates. In this economic environment, most of our customers find that the best deal for them is a fixed-rate home loan.

Buying a home is likely the biggest purchase you’ll ever make. It can be stressful, but it’s also incredibly rewarding. The experienced mortgage lending team at Union Bank helps reduce the stress of the home buying and mortgage process. Talk to us today and experience for yourself why more people choose Union Bank for their mortgage. Our local mortgage lenders are here to answer all of your financing questions about a home mortgage. Stay local and go far with your nationally recognized community bank.

Give us a call at 1.800.753.4343, or drop into your nearest branch for more information.

Frequently Asked Questions About Conventional Mortgages

  1. How much can I afford to borrow for a conventional mortgage?

    To determine how much you can afford to borrow for a conventional mortgage, we will need to evaluate your current financial situation, including your income, expenses, and credit score. Generally, your total monthly housing expenses, including your mortgage payment, property taxes, and insurance, should not exceed 28% of your gross monthly income. Additionally, your total debt-to-income ratio, which includes all of your monthly debt payments, including credit cards and other loans, should not exceed 36% of your gross monthly income. Based on these factors, we can determine the maximum amount you can afford to borrow for a conventional mortgage.

  2. What is the interest rate for a conventional mortgage and how does it affect my monthly payments?

    The interest rate for a conventional mortgage can vary depending on the lender, your credit score, and other factors. Generally, the better your credit score, the lower your interest rate will be. The interest rate directly affects your monthly mortgage payment, as a higher interest rate will result in a higher monthly payment, and vice versa. It’s important to note that even a small difference in interest rates can make a big impact on your overall loan cost.

  3. What is the required down payment for a conventional mortgage?

    The required down payment for a conventional mortgage is typically at least 5% of the purchase price of the home. However, if you are able to make a larger down payment, you may be able to qualify for better loan terms and a lower interest rate.

  4. What is the minimum credit score required to qualify for a conventional mortgage?

    The minimum credit score required to qualify for a conventional mortgage can vary. In most situations Union Bank requires a minimum credit score of ### to qualify for a conventional mortgage. However, if you have a higher credit score, you may be able to qualify for better loan terms and a lower interest rate.

  5. What documents do I need to provide to apply for a conventional mortgage?

    Typically, closing costs associated with a conventional mortgage can range from 2% to 5% of the purchase price of the home and can include fees such as appraisal fees, title insurance, origination fees, and other charges. Union Bank will provide you with a breakdown of the specific closing costs associated with your loan.

  6. Can I get a conventional mortgage if I am self-employed?

    Yes, you can still qualify for a conventional mortgage if you are self-employed. However, the process may be more complex, as you will need to provide additional documentation to verify your income and employment history. Typically, we will require at least two years of tax returns and other financial documentation to evaluate your income and determine your eligibility for a conventional mortgage.

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