In a couple of recent posts, we have helped you to distinguish the differences between certain types of loans:
So, you now know the difference between a conforming loan and a conventional loan, as well as the difference between a conforming and a non-conforming loan. But what is the difference between a conventional and non-conventional loan?
A conventional mortgage is simply one with no government agency backing. It can be conforming or non-conforming.
A non-conventional mortgage is one that is backed by a government agency. Examples of non-conventional mortgages include:
Each type of conventional or non-conventional mortgage has different advantages and disadvantages.
But any one of them can be an ideal choice if it is the right match for your needs.
If you have questions about conventional or non-conventional mortgages, Lending Bankers Mortgage can answer them. Together, we can go over your options and help you figure out the right type of home loan for your requirements.
If you are ready to begin, you can give us a call at (786) 220-1100 to schedule your consultation.
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