Residential Loans
A residential loan is a standard loan that you would acquire for your principal residence. The key distinctions are that you must put down more money typically 25% for an investment property loan vs. as little as 3% for an FHA loan on a primary house and your interest rate will be higher.
The same as when buying a home, whether you qualify for a personal loan is determined by you and your financial situation. When you apply for a loan, the financial institution will require all of the same paperwork. Prepare to hand over pay stubs, a letter from your company, tax returns from the previous year, and other financial documentation. In comparison to what it was before 2008, the process is far more difficult. People were given loans without having their income verified back then the infamous “ninja loans.
Conventional Loans
A conventional loan is not guaranteed by a government entity. Conventional loans are classified as “conforming” or “non-conforming.”
A conventional loan is a type of loan that is used to buy real estate. It offers several appealing qualities that make it an excellent choice for many people, particularly first-time homeowners with decent credit, some savings reserved for a down payment, and a minimal chance of default.
The following are some of the advantages of conventional loans:
- Transparency and peace of mind are provided.
- In an insecure economy, stability is essential.
- Lower interest rates are given to people who have good credit.
- Low-cost payment options are available.
- A shorter-term loan can help you save money.
- It can be employed in a variety of dwellings.
- Sellers frequently favor it.
- Closing costs tend to be lower.
Highly likely to recommend
“When we first met with Aldo, to discuss the sale of our home, he provided local comps regarding current real estate market sales. He gave us a provisional breakdown of what we would be able to sell our home for. It was right on the money.”
Sandra and Fernando
Sold a Mobile / Manufactured home in 2015 in Bakersfield, CA.
I would highly recommend Aldo for purchasing a home.
“Prior to meeting Aldo, my credit was in bad shape. He gave me the advice to fix my credit that would ultimately help me get funded for a loan as well as find the perfect home for my children and myself..”
Arik
Bought a Single Family home in 2015 in Porterville, CA.
Great service!
“He did a good job getting me approved for my house! Definitely recommend him!!”
-Luis Solis
Highly likely to recommend
“I have worked with Mr. Gutierrez on several occasions, he is very professional and knowledgeable in his field. I would recommend him to any and all of my friends and family, its nice working with you Aldo. Will be doing more business with you in the future.”
-Luis Sand
Bought a Single Family home in 2013 in Porterville, CA.
Aldo is great!!!
“Let him know what you need and he will work day and night to get you what you need!!! Great guy.”
-Eddie Alvarado
I would highly recommend him
“Overall professional and has knowledgeable experience in what he does. Aldo and his team were very friendly and helpful to me and my family; when we were in the process of buying a home. I would highly recommend him to anyone that is seeking to buy.”
Melissa Perez Reyes
Bought a Single Family home in 2015 in Porterville, CA.
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