The oldest form of a mortgage loan is the conventional mortgage loan and it is the strictest of all of them. This is so because the Bank or loaner with which you chose to settle this commitment has a great risk. In order for the Bank or loaner to approve your conventional mortgage loan you will have to fit into certain parameters.
The way they do this is simple and practical, but unfortunately it is so mostly for them. In theory they developed a system of measurement of your financial viability. So they have a score system, the higher you score in their credit score the most likely it will be that you will get a conventional mortgage loan and obviously the better the score the better the deal you get. That means that a score of say 500 points will not qualify you as a conventional mortgage loan gainer. You actually need at least a score of 620 points in order to get a conventional mortgage loan and if you think that with that score you will get a good deal you can stop dreaming the minimum score they will accept for a reasonable deal on a conventional mortgage loan is of 760.
I hope you started to pay interest in the conventional mortgage loan at least a good few months before you need to get it since if you want to get a good deal there is a lot of work for you to do. You will have to pay at least 20% of the value of the house you’re planning to buy in advance so be prepared.
An employment status will be required when you will apply for a conventional mortgage loan so prepare it in advance along with a W-2 tax form, a bank account statement and the most recent pay stubs.
Don’t take your time to reply to the bank or loaner with the additional document that they asked for, be prepared and reply promptly, they have a lot of persons applying and they can reject your application.
If you want a good deal and you know you have a good credit score then you should search for the best deal that you can get. The bank with which you do your ordinary bill payments might not be the best option when you’re trying to get the best deal on a conventional mortgage loan. There is nothing wrong in searching for a conventional mortgage loan on the internet you can find specialized loaners and you can get exactly what you need, don’t be afraid to look around, you deserve the best deal.