Conventional Loans in Marysville, WA

Conventional loans are available in 10, 15, 20, 25 and 30-year terms. Single-family to four-family homes can qualify, whether purchasing or refinancing. More expensive homes may qualify for Jumbo loans.

What is a Conventional loan?

Conventional loans are what most people think of when they envision a mortgage. You borrow money from a bank (or any non-government program) to buy or refinance a home. You promise to repay the loan plus interest, a little at a time over a set time period. If you don’t, your home can be taken by the lender to pay off the loan.

What are the advantages?

• Many options for monthly payment and interest terms
• Flexibility: buy or refinance a home, purchase or improve property and more
• Lower interest rates than Jumbo loans

Who is eligible?

Just about everyone who has good credit and a solid financial situation. However, many people who don’t qualify will find another type of loan is a good fit. Our mortgage advisors are glad to discuss which kind of loan works best for your unique needs, with no obligation.

How much can my loan be?

The maximum amount for a Conventional loan depends on the type and location of your new home. Your credit history and current financial situation will also factor into your approved loan amount.

Our mortgage advisors can tell you which amount applies to your home’s location, plus provide an estimate for your unique situation, all with no obligation. If your home’s value exceeds these maximums, you may qualify for a Jumbo loan.

What’s the difference: 15-year vs. 30-year?

Start with the idea that one offers twice as much time to repay your loan, then balance the interest cost with the monthly payment size. As you might expect, a 30-year mortgage has a lower monthly payment, but you’ll pay more in the long run in interest. So a 15-year has a higher payment with less interest cost. But one’s not always better than the other – our mortgage advisors are happy to talk with you about your goals and situation to recommend the best loan for you.