One of the most popular types of mortgages for borrowers in Miami and throughout Florida is the conventional loan. Sometimes, people refer to conventional loans and conforming loans as if they are the exact same thing. But are they?
Actually, there is a difference between a conventional loan and a conforming loan. Technically, a conforming loan is a type of conventional loan. But non-conforming loans are also a type of conventional loan.
Indeed, there is so much confusion over this topic that even authoritative sources often will not explicitly state that this is the case. But it is hard to get more authoritative than the Consumer Financial Protection Bureau. CFPB makes it very clear that conforming and non-conforming loans are both categories of conventional loans.
With that being said, let’s lay out the definitions:
We know that the different types of loans can be confusing and that you may have many questions about all of these types of mortgages.
Lending Bankers Mortgage can explain how these types of home loans work in detail and can help you identify which is suitable for your needs.
To get started now, please call LBM at (786) 220-1100 to schedule your consultation. Let’s get you into your dream home using the type of loan that is right for you.
Client Testimonials
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I would like to thank Pamela and David at Lending Bankers Mortgage for their exceptional service in helping me find the right loan for my primary residence. Their expertise and dedication made the process smooth and stress-free. I highly recommend them for their amazing customer service and professionalism. Thank you, Pamela and David, for all your help!
David, thanks for helping me and my business partner acquire the space we needed. Your comparison analysis on payments, cash on cash returns and amazing fixed rate program helped us want to proceed on this deal and we're very happy we did. You are more than a financial advisor in the real estate arena, you have a great understanding on how to utilize real estate assets to build wealth and that's something I never before had help with. No realtor, or financial advisor I've encountered knew how to crunch the numbers and get the most value like you do. Forever gateful for your assistance and I will definitely refer my family and friends to you. Thanks again!
Lending Bankers Mortgage (Danny Perez and David Otero) was recommended by RPM Luxe Realty. From day one, Danny made me feel comfortable. I went through the pre-approval, approval, clearing to close, etc. processes with Danny figuratively holding my hand the entire time. There were times when I was literally crying because I was so frustrated and scared and Danny made me feel like everything would be okay. In general, I think RPM Luxe and Lending Bankers Mortgage make a great team. Danny is very relaxed and I’m not sure that he ever feels stressed, which is something unfamiliar to me. I think it’s because he has been doing this for quite some time. Additionally, Danny treats his clients like family. If anything is wrong, Danny takes it personally as though it was his own personal situation. If you are looking for 24/7 concierge service, Danny and David are your guys. After the Thanksgiving holiday, Danny was inflight and texting and emailing the entire time. I was grateful that American Airlines’ Wi-Fi was working so well.
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