Conventional loans, made for every situation.
Your fashion sense, coffee order, or binge-watch show of choice definitely don’t have to be conventional. But in loan world, conventional is a great thing. Here at Westerra, we’re here to support every unique story and situation, and help get you into the loan that’s just right.
Not your grandpa’s conventional mortgage loan
Conventional loans don’t always mean old-school rules: You may have heard that 20% down is needed. That’s only partially true; loans can be approved with as little as 3% down! Typically, a conventional loan offers lower interest rates and comes in 10-, 15-, 20-, or 30-year terms.
Ok, so do I qualify?
Most conventional loan borrowers are folks with better credit and lower debt-to-income ratios. Whether you’ve been saving for years, have a down payment gift from family, or use a down payment assistance program, a conventional loan is a cost-effective loan option. If you’re in the “making a game plan” mode, it’s always a good idea to chat with a Westerra pro and strategize a financial path toward qualifying for a conventional loan.
If you can assemble furniture from a box with just an Allen wrench...
Then you can find your way to your dream home. We know that buying a home — whether it’s your first or your next — can feel like a big leap. But if you can tackle the everyday challenges, then you can absolutely take on this next step. In Colorado, where the views are as vast as your dreams, we’re here to make the journey to homeownership as smooth as possible. You’ve got this, and we’ve got your back.
Conventional Loans: Your Questions Answered
A conventional mortgage is a flexible option for many homebuyers who are looking for a straightforward loan with terms that work for their needs. At Westerra Credit Union, we offer a variety of conventional mortgage options to help you secure the home of your dreams.
To qualify for a conventional mortgage, lenders typically consider factors like your credit score, income, and debt-to-income ratio. The specific requirements may vary, so it’s important to speak with a mortgage expert who can help you understand your unique situation. At Westerra Credit Union, we’ll work with you to determine what you need to get started.
How much you can borrow depends on several factors, including the value of the home and your financial profile. The loan limits can vary based on location and your specific situation. Our mortgage specialists at Westerra Credit Union will help you assess your borrowing potential and guide you through the process to find the right loan amount for you.
With a fixed-rate mortgage, your interest rate remains the same throughout the loan term, giving you predictable monthly payments. An adjustable-rate mortgage (ARM) typically starts with a lower rate, but it can change over time based on market conditions. We offer both options, and we’ll help you decide which one is right for your financial goals.
When applying for a conventional mortgage pre-approval, you'll need to provide some essential paperwork, such as proof of income (pay stubs, tax returns), details of your current debts, and information about your assets. You’ll also go through a pre-approval process where your loan officer will assess your financial situation. Our team at Westerra Credit Union will guide you through each step, making sure you understand what’s required and what to expect along the way.
Loan approval is subject to credit approval and program guidelines. Credit Union membership required. Interest rate and program terms are subject to change without notice.
*Annual Percentage Rate (APR) is the cost of the loan in percentage terms, taking into account various loan charges such as Prepaid Finance Charges (discount points, processing and underwriting fees, flood certificate, tax service, closing and wire fees, prepaid interest) and Private Mortgage Insurance (if applicable). Refi scenarios based on rate and term transaction, 760+ FICO, $400K or $900K (Jumbo) loan amounts at 60% LTV. Purchase scenarios based on 760+ FICO, $500K or $900K (Jumbo) loan amounts at 60% LTV. Variables such as LTV, CLTV, credit score, cash out, occupancy and property type, etc., could affect rate and APR. Rates are based on individual credit history and are subject to change without notice. Rates are for conventional-conforming loans only. Other rates and terms may apply for Jumbo and nonconforming/specialty portfolio programs. Please contact a Westerra Credit Union Mortgage Loan Officer at 303-321-4209 for more details. Westerra Credit Union NMLS 421606.
