Conventional Mortgages in the Long Beach Island Real Estate Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Conventional Mortgages in the LBI Real Estate Market 
Conventional Mortgages in the LBI Real Estate Market 
Conventional Mortgages in the LBI Real Estate Market
Long Beach Island Real Estate
A conventional mortgage is among the most common type of loans we see employed in the LBI real estate market. This loan product will usually offer a fixed interest rate over a set time (typically 15 or 30 years). Regular monthly payments will consist of principal and interest on an amortization schedule. Before buying a home on Long Beach Island, you should speak with a lender to familiarize yourself with the current lending environment and the types of loans available, as well as the terms associated with each loan.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Conventional Mortgages in the LBI Real Estate Market
A conventional mortgage will usually consist of the following:
- A fixed interest rate and a fixed term (although there are usually some interest-only conventional loans available)
- A higher down payment amount than an FHA loan
- Fewer lender fees than a government-backed loan.
- Conventional loans usually offer plenty of options to pick from and the ability to shop the loan to other lenders.
Perhaps this last point offers the most advantage in Long Beach Island’s mortgage market. Since most banks offer conventional loans, a buyer can compare the rates and terms of a mortgage to others in the market. These comparisons will usually result in a lower interest rate, lender credits towards closing costs, or some other incentive. While few buyers hold a mortgage to its full term (the average is between 7 and 10 years in NJ), by comparing and shopping the interest rate, a buyer in the LBI real estate market can potentially save thousands of dollars by finding a better interest rate.
Conventional Mortgages in the Long Beach Island Real Estate Market
When looking to buy a home in the LBI real estate market with a mortgage, it is paramount that you explore all the options available to you. Sometimes, a less conventional mortgage is the better play. Adjustable-rate loans, interest-only loans, and loans with a shorter term can have advantages (and disadvantages), so understanding these different products and their pros and cons is necessary for any buyer in the Long Beach Island real estate market. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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