|By PR Newswire||
|December 3, 2013 12:00 PM EST||
SAN DIEGO, Dec. 3, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that helps borrowers to understand their mortgage options in a fun and entertaining way. The website provides a number of articles and guides that both first time home buyers and experienced home owners can benefit from. Their large selection of valuable resources, first class knowledge and connections to top rated industry professionals has helped the website to fulfill its mission – to help borrowers find a loan that they will love by providing the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape. One of the few ways the loan advice website helps loan borrowers is by providing them with their many informational articles and mortgage loan tools. Such articles like their newest one, "Coming to Terms: Understand Conventional vs. Conforming Loan Types" can help readers understand the more esoteric mortgage loan terminology used when working with mortgage loans while at the same time help answer the question "What is a conforming loan?"
When it comes to some of the mortgage terms and jargon used, many loan borrowers may be left scratching their heads in confusion. Luckily, Loan Love's new article explains to their readers not only some of the more commonly used lingo, but their meaning as well. As the article explains: "Maneuvering the maze of finances involved in the loan application process is tough enough without someone throwing a vocabulary quiz at you. Unfortunately, the terms tossed your way as you consider financing options for the home of your dreams can start to all sound alike. Worse yet, it is not unusual for the media, websites or even real estate professionals to confuse the issue further by using terms interchangeably, like conventional vs. conforming loans, that aren't actually synonymous."
As mentioned above, some of the more difficult and misunderstood but commonly used mortgage
- Fannie Mae and Freddie Mac
- VA and FHA loans
- Conforming and conventional loans
Often times home loan borrowers may find these terms inadvertently interchanged, either because they sound similar or because they have loosely similar but not quite the same meanings. It is instrumental that loan borrowers learn and assess the and learn the differences between each of the loan terms, which Loan Love's article willingly provides. Knowing these differences can help loan borrowers make the best of their loan planning situations, as the article shows. One example of this is conforming and conventional loans. Both may sound or seem similar in nature but the Loan Love points out that this is otherwise and choosing one over the other can lead to a big difference in the end for a borrower's mortgage situation.
Loan Love's article further elaborates: "If you have an excellent credit history and are able to make a larger down payment, anywhere from 5 to 20 percent, choosing a conventional loan will usually snag you an attractive interest rate, while allowing you to avoid all the red tape. A higher down payment also means your home equity will build more quickly." It adds, "Despite the advantages of a conventional loan, however, you may need to show up at closing with a sizable amount of change, depending on your credit score and other factors. Origination fees, mortgage insurance, points, down payments and appraisal fees can quickly add up, so pay close attention to the details of your loan and not just the interest rate alone to avoid any surprises at closing."
To learn more about the terminology used in the real estate and mortgage industry, please visit LoanLove.com for the full loan terminology guide.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, email@example.com
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