Conventional Mortgage Loan

Kris Krohn here with Limitless Wealth TV and today, we are doing more advanced vocabulary. We're talking about conventional mortgages. Like, is everything a mortgage conventional? Is conventional a certain type of mortgage? Like, why do I hear this phrase? Is it important? Do I need to know what it is? That's all coming your way right now. Alright, my friends. Welcome back. Kris Krohn here and today, we're talking about advanced real estate vocabulary. As you get going deeper down the rabbit hole, you're going to come across terms like conventional mortgage. I'm going to say, Kris, what's a conventional mortgage? Like, is it like an FHA loan or a VA loan or a USDA loan that is government backed? And a conventional loan is not. It doesn't meet the limits of Freddie and Fannie that they have set. But there's no government involved. And usually, it means a 20% down payment. And the reason why is to basically skip out on mortgage insurance. Once you've got 20% of a house paid down, you no longer need to pay mortgage insurance which will lower your payments generally a couple hundred dollars more a month depending on how much your insurance is. And so, the conventional mortgage is probably one of the most standard investment tools that you're going to use in acquiring a property. You're not going to really use government products, FHA, VA. Those are for homes that you're buying for who? Those are homes you're buying for yourself. Conventional mortgage, you can use these mortgages to buy your own properties but you're often using them in investment lending. And what they're done is it's not secured by the government, it's secured by private banks. It's secured by other people's money. It's secured by basically non-government firms that are out there writing mortgages and trading paper and doing all those different things. So, conventional mortgage is what you're largely going to be dealing with. I'm in the game of real estate. When I need a mortgage, I'm putting someone's 20% down generally on the line. They're going to get the mortgage. What kind of mortgage is it? It's a conventional mortgage. So friends, this is just standard conversation piece when it comes to the type of investment lending mortgage programs that you're using when you're buying property. Every video makes me stronger, stronger. Are you getting stronger? Are you getting smarter? Are we filling up your head the real estate between your two years with all sorts of yummy, yummy, yummy? Listen, if you want to take that to a whole new level, come get live with me and Stephen Miller at one of my events. They're always life-changing. Hit the website up here and make sure that you check the link in the description below where you can figure out how you and I can actually go out and start doing some real estate together. I mean, I seriously, I've worked with thousands of people. Why not you? Maybe this is your time to rise and shine. Maybe this is your time to learn how to do real estate with no money and no credit. If it is, subscribe, ring that bell and head over to the website so we can start playing.