Benefits of Conventional Home Loans. While there are several benefits to securing a conventional mortgage, the type of loan you receive will be driven by factors that may not be in your control - such as FICO scores and other factors described above. However, if you have the option to choose your loan type, there are key advantages. For example: Faster Home Loan Processing. Conventional loan processing tends to be more streamlined since the borrower deals directly with the lender and isn't dependent on government approvals.
As a result, conventional loan applications typically have shorter and less complicated approval processes. Reduce or Avoid a Mortgage Insurance Premium. It's more likely that you can avoid mortgage insurance premiums (MIPs) with conventional loans than with government insured loans, largely because conventional loans require higher down payments. However, when you put down less than 20, you will still need mortgage insurance (MI).
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Just make sure the site doesnt use hard credit checks, most of the non-personal loans on this site doesnt do hard credit checks. Credit Checks. Credit checks vary depending on your lender and the type of loan youre applying for. A soft check is more like a background check and doesnt appear on your credit report.
These are common for certain types of loan applications, as well as employment and rental applications. What is a hard credit check.