505-881-0801 | Info@InfinitiMortgageNM.com | New Mexico MLS ID #187935 - #224396

Conventional Mortgages

Conventional Mortgages in Albuquerque, NM

For borrowers with good to excellent credit scores, a conventional home loan can help you build equity in your home more quickly. An experienced mortgage broker at Infiniti Mortgage, LLC can help to determine if you qualify for a conventional loan.


Visit any of our Conventional Loan pages to learn more about Conventional Loans.

15 Year Fixed | 30 Year Fixed | Low Fixed Rate

Mortgage Quotes | Mortgage Pre-Qualification | Home Loan Purchase


Understanding Conventional Loans

There are a number of common terms associated with conventional loans, including:

  • Secured vs. Unsecured
  • With conventional loans, the debt the borrower assumes can either be secured or unsecured. A secured loan is backed by some type of collateral, usually property or other assets. With an unsecured loan, there is no collateral.
  • Conforming vs. Non Conforming Conventional Loans

Although conventional loans are not insured by the government, many lenders use the same criteria to evaluate potential borrowers. A conforming home loan is one that stays within the criteria that the government sets forth for loan limits. In a conforming loan, a borrower can borrow up to $417,000. Above that amount, the loan is considered a non-conforming, or jumbo, loan.

An expert mortgage broker at Infiniti Mortgage, LLC can explain these terms in more detail and how they may pertain to your situation.

Advantages of a Conventional Loan

There are many advantages to obtaining a conventional loan, including:

  • More equity. Since conventional loans often require higher down payments, they also give the home buyer 20% equity right away and help the borrower build up equity in their home more quickly.
  • Flexible interest rates. With a conventional loan, borrowers might have the choice between a fixed- or adjustable-rate loan.
  • Less red-tape. Since these loans are not government-insured, they skip the paperwork required to obtain an FHA or VA loan.
  • 20% of Equity – no PMI

An experienced mortgage broker at Infiniti Mortgage, LLC can explain how a conventional loan can benefit you and your family.

Qualifying for a Conventional Loan

There are a few common criteria that are used for qualification between lenders, including:

  • Debt to income ratio. The borrower’s debt to income ratio normally needs to be under 43%.
  • Credit score. Generally, the borrower’s credit score must be a 680 or above.
  • Down payment. The borrower must make a down payment between 5% and 20% of the purchase price of the home.

Qualification criteria can vary based on the lender. An experienced loan officer from Infiniti Mortgage, LLC can help you understand these requirements and also determine what loans you might pre-qualify for.

Obtaining the Lowest Interest Rate

Since conventional loans are not insured by the government, rates change depending on your financial situation. In order to get you the best rate possible for you, we negotiate with lenders. Contact the experienced mortgage brokers at Infiniti Mortgage, LLC today to get a low interest rate on your home loan.

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New Mexico MLS ID #187935 - #224396