“What’s a Conforming Loan?”
When you’re looking for a home mortgage, it’s easy to get bogged down in the terminology of the mortgage industry. For your convenience, here’s a little summary about what the terms “conforming” and “non-conforming” actually mean.
A conforming loan is simply a mortgage loan that meets the terms, conditions and guidelines established by the government entities Fannie Mae and Freddie Mac. One of the most basic requirements of a conforming loan is that it must fall under the amount of $417,000.
If a loan is over that amount, it’s called a non-conforming loan, or a jumbo loan. Non-conforming loans cannot be purchased from a bank by Fannie Mae or Freddie Mac and are commonly used for higher-priced properties.
Find a Mortgage Company You Can Trust
When you’re deciding on a mortgage loan, you need to find a mortgage company you can trust. At Georgetown Mortgage, we believe it’s important for our customers to know exactly what they’re getting in a loan deal.
Our philosophy is the golden rule. We treat people the way we would want to be treated.Georgetown Mortgage Loan Originator
When you choose Georgetown Mortgage, we’ll assign you a loan originator who will walk you through the entire loan process, from application to closure. He or she will be able to answer any questions you have and address any of your concerns.
You Should Contact Georgetown Mortgage
When you’ve found that perfect home and are looking for a mortgage that fits your financial situation, it’s time to contact Georgetown Mortgage. Schedule an appointment at one of our branches to learn more about conforming vs. non-conforming loans as well as our other loan options.