Conventional Loans

Conventional Loans:

Conventional loans are mortgages offered by non-government sponsored lenders. These loan types include:

  • Fixed Rate Loans: The interest rate is fixed for the whole life of the mortgage they are typically offered in 30yr/20yr/15yr/10yr terms.
  • Adjustable Rate Loans (ARMs): The rate will rise and fall in accoordance with the LIBOR (London Interbank Offered Rate) index.
  • Combination (Hybrid) Loans: Typically when there is a fixed period of 5 to 7 years with the remainder of the loan being an ARM.
  • Balloon Mortgages:  Are a short term loan  that does not amoritize by the end of its term. It can typically offer lower payments and interest rates however at the end of the term the loan remains upaid and there has to be a "Balloon Payment". This is typically all the principle that builds up and tends to require refiancing of the loan.
  • Pledge Asset Loans: Made specifically for borrowers who have the money to make monthly payments but have all thier assets tied up in investments.This allows borrowers to avoid a downpayment by pleding all thier assets.
  • Construction Loans: Usually a short term loan that is given when the house is being built. When the house is finished the loan is essentially refinanced into a loan of the borrower's choosing (any of these listed here).
  • Reversible Mortgage: For Homeowners 62 and older who want to get cash out of the equity in thier home.
  • Interest-Only Payment Loans:  These loans offer lower payements for a period of time where the interest is just paid. After this period the borrower has a variety of options but typically the rest of the loan amount is amoritized and paid off in the remainder of the term.

Bottom line is that conventional loans offer more variety!!

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"Working with Scott has been a truly satisfying experience. He went above and beyond to get us to settle on my refinance and cleared all those hurdles that were in our way. Thank you so much."
Christa Bahre

"Brian, I want to thank you for the wonderful gift! It is so useful and I appreciate it so much. Most importantly, I want to thank you and your staff for the effort you put forth to see that my re-financing went so smoothly. It has given me great peace-of-mind to know that I don';t have to worry about the interest rate going up on my mortgage. Scott was wonderful to work with, so pleasant all the time and eager to answer all my silly questions, not to mention how hard he must have worked to get me the best deal. I would certainly recommend Serenity to anyone interested. Hoping you and your staff have great success in all your endeavors and I';m sure you will."

"Brian and Serenity were great to work with. They not only delivered what they promised, but at the end, our rate was actually lower than they originally quoted. I highly recommend Serenity First Financial and Brian Oates".
Angie J.

"I am SO thrilled about how much money we are saving (nearly $400/month) after refinancing that I';m passing on my neighbor and loan officer's information! Steve is a great guy and he worked with us over the last few months- constantly monitoring home prices in the neighborhood and interest rates to get us the best possible situation. I couldn';t be more pleased!"
Kristin N.

"Thank you so much for all your help and little clip below. Sorry for delay reply. This is a very cute way of letting us know that the loan is clear to close. It is very cleverly expressed. Please note, we are very happy with all your service and promptness of your reply. Thank you so much for keeping us informed on every step of the are such an ASSET to Serenity First Financial LLC. and I am sure your company recognizes that!
Best regards!"
Mahendra and Rameela Patel

"I couldn';t have asked for better service than what I received from your organization. I am so relieved to be free of the ARM mortgage. Scott, you were with me every step of the way, any time I had questions; I really appreciate you."
Marilyn Winstead



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