Contact

269-372-3055

jvernon@pacormortgage.com

Why Lake Pacor

“Made the process of refinancing very easy! He answered all my questions and concerns and was very knowledgeable. Always willing to go the extra mile to make sure everything went smoothly. Eric Weenink and Lake Pacor are the only people I’ll deal with again. I highly recommend them! Steve Schippers- Mattawan

“I wanted to take a few moments to say, Thank You. You and the Lake Pacor Home Mortgage Team were amazing to work with. I will recommend anyone buying a home to contact you. You, and your team were the best I’ve ever dealt with!!” – Laura Garnett-Ayers

“Nicole and I have worked with Jennifer Vernon at Lake Pacor Home Mortgage several times in the past and each experience has been extremely positive. Jennifer always presents the most competitive rate packages with very low closing costs relative to other lenders. Jennifer and her team always provide excellent customer service and ensure a quick, painless closing process. We would absolutely recommend working with Jennifer if you are in need of a home loan.” – Keith Vale

“Eric was wonderful to work with. I had to remind myself I was working with a lender because he treats you like a friend. Always looking out for your best interests and actually listens to your wants and needs. I couldn’t have asked for a better lender and experience. Thanks … Chris Myers- Galesburg

“I just wanted to say Thank You for all of the work you did with our refinance and even for working with my whole family during the closing. You were all very helpful with any questions we had throughout the whole process.” – Dave Phaneuf

“It was our pleasure to work with the Lake Pacor Home Mortgage team on our recent home purchase. They stayed on top of the transaction and, true to Lake Pacor’s reputation, we were able to close within three weeks! The other firms we contacted indicated the process would take closer to six weeks. -Nancy Woods

“Working with Lake Pacor Home Mortgage was easy and convenient. They had the best rates in town with the lowest closing costs.” – Simone Riggs

“You ladies surpass your slogan:)
I will be recommending you to everyone. I hope you all have a great year” -Rodney Balazs

“My recent Home Purchase went extremely smooth thanks to the group at Lake Pacor Home Mortgage. I feel that they went above and beyond in making the mortgage process seamless to me as a buyer. I will certainly send people their direction in the future” – Mark Friedman

“We want to Thank You so much for all of your help. You and the Lake Pacor Team were great to work with. You were very helpful, and answered my emails quickly. You were able to make us feel less nervous about everything involved. Everyone at Lake Pacor Home Mortgage was very nice & helpful.” – Jackie & Sherman Honea

Calculators

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Conventional Loans

Some types of mortgages are backed or guaranteed by a government agency such as Veteran Affairs (VA) loans. Mortgages that are not insured by an agency are conventional loans. Conventional loans exist for homebuyers or homeowners who may not be able to obtain approval under non-conventional mortgage guidelines.

Requirements

While conventional loans are not insured by any government agency, these loans do adhere to specific guidelines. The guidelines that conventional mortgage lenders follow are set by Fannie Mae or more formally known as the Federal National Mortgage Association (FNMA). Fannie Mae was created by the federal government and is one of the biggest buyers and sellers of conventional loans. Fannie Mae sets all of the requirements that conventional mortgage borrowers must meet, including minimum credit scores, debt-to-income ratios and maximum loan amounts.

Terms

Conventional mortgages tend to be 30-year-fixed rate mortgage loans. A 30-year-fixed rate conventional mortgage is a fully amortized mortgage. This means the mortgage payments are calculated so that the borrower pays equal principal and interest payments per month, and at the end of the 30-year term, the mortgage is paid in full. It also means that the interest rate is fixed for the entire term of the loan. These loans are also available in 25, 20, 15, and 10 Year terms. Some borrowers also like the conventional arms which are available in 10, 7, 5, and 3 year terms and usually based on 30 Year amortization.

Down Payment

While unconventional loans may allow borrowers to finance up to 100 percent of the value of the home, conventional loans tend to require some form of a down payment. Conventional loan lenders usually require a 5 percent down payment, but some programs are available with as low as 3%. In most cases you will need to put down 20% to avoid paying mortgage insurance and / or being required to escrow taxes and insurance.

Maximum Loan Amount

The maximum loan amount is always subject to change but currently set at $417,000 in most of the states Pacor Mortgage does business. Contact a Pacor Mortgage Conventional Conforming Expert for more information clientservices@pacormortgage.com.