Qualification criteria include factors like credit score, income stability, employment history, and debt-to-income ratio. Lenders often look for a credit score of 620 or higher. There are other types of loans that have different requirements.

A conventional loan usually requires a down payment of at least 5%, but a higher down payment can result in better terms and lower interest rates.

A fixed-rate mortgage is a type of traditional mortgage where the interest rate remains constant throughout the life of the loan, ensuring consistent monthly payments.

Stable Monthly Payments "With a fixed-rate mortgage, your monthly payments remain the same throughout the loan term, providing financial predictability and making it easier to budget." Protection from Interest Rate Increases "You are protected from fluctuations in interest rates. Even if market rates rise, your rate and monthly payments will stay the same, potentially saving you money over time." Long-Term Financial Planning "Fixed-rate mortgages offer long-term stability, allowing you to plan your finances with confidence, knowing exactly how much you'll be paying each month." Simple and Straightforward "The simplicity of a fixed-rate mortgage makes it easy to understand and manage. There are no surprises or complex adjustments related to interest rates." Potential for Lower Overall Interest Costs "Depending on the loan term and market conditions at the time of your purchase, you may secure a lower overall interest rate compared to adjustable-rate mortgages, saving you money in the long run." Easier Comparisons "Fixed-rate mortgages make it simpler to compare loan options, as you can easily evaluate different offers based on the interest rate and loan term." Predictable Loan Repayment Schedule "The fixed monthly payment schedule provides a clear repayment plan, which can be beneficial for long-term financial planning and stability. For more details, contact us at [vip@pennylanefinancial.com](mailto:vip@pennylanefinancial.com).

While both are mortgage options, FHA loans are insured by the government, offering lower down payment requirements but with additional mortgage insurance costs. Conventional loans are not government-backed.

Yes, conventional loans can be used for primary residences, second homes, or investment properties, though requirements and interest rates may vary.

Yes, there are loan limits set by Fannie Mae and Freddie Mac. These limits depend on your location and can be higher in areas with higher housing costs.

Conventional loans offer both fixed and adjustable-rate options. Fixed-rate mortgages have a consistent interest rate, while adjustable-rate mortgages may change after a certain period.

The application process involves completing a mortgage application, providing necessary documents (income verification, credit history, etc.), and working with a lender through the approval process.