What happens when something that's thought to be conventional doesn't work for the masses anymore? The unconventional becomes the standard, of course! And that's precisely what has happened in the North American real estate industry over the last decade or so.A conventional mortgage loan is the most established of all the mortgage loan options. It has a steeped history that has spanned hundreds of years that has passed the tests of time. This durability and strength is made possible because of some of the inherent benefits of this mortgage loan option.

The conventional mortgage can be beneficial depending on the prospects of the interest rates and also on the financial capacity of the mortgagor. The fixed rate mortgage can protect the mortgagor even when there is a hike in the interest rates. There is a real advantage to this because you are going to become very aware that the home is probably priced $30,000 more than it's worth or at least over priced. However the true value of a property is what a willing seller and a willing buyer agree upon - that is true market value of the property.

The normal option, used by the majority of home buyers, is to simply pay your PMI on a monthly basis with it bundled into your monthly mortgage payments. At closing, usually two months worth of interest is kept in escrow by the bank.Another reason is that if you qualify for a conventional mortgage it probably means you are in a healthy financial situation and there is less risk that you will default on your mortgage.

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