Conventional Loans Offered by Prodigy Lending In Euless, Texas
Prodigy Lending is one of the most popular mortgage lending institutions in Euless. This is because they have been offering incredible, highly specialized loan programs to their borrowers for decades. They have a team of highly experienced mortgage professionals whose job is to clearly understand their clients’ needs in order to get them a good and affordable mortgage deal.
They offer both government-backed as well as private loans to their clients. With government-guaranteed loans, most of the specifications and qualification requirements are usually set by the department that offers them. From their privately offered conventional loans however, it is easy to see why Prodigy Lending is so popular in Euless. The following are the very simple requirements put in place by Prodigy Lending for the conventional loans that make them so popular:
3% down payment – Prodigy Lending offers their conventional loans at 3% down payment which means that they offer as high as 97% financing. This is a very low down payment requirement compared to the conventional loans offered by other lenders which usually require a down payment of as high as 20%. This is because they properly understand the financial landscape of Euless and acknowledge that most of their clients cannot afford to have a lot of money stacked-up somewhere to be used as a down payment.
Reduced PMI requirement – With a 3% down payment, it is common for conventional loan lenders to require borrowers to pay very high private mortgage insurance for the property because they bear such a great risk. Prodigy Lending, however, offers their conventional loans with a less than 1% of the total mortgage amount PMI payment requirement. This is lower than that required by any other mortgage lender in Euless. The fact that they require very low down payment, this makes their loan the very best conventional loan in Euless.
Flexible Terms of payment – Prodigy Lending offers conventional loans with very flexible terms depending on the amount of interest charged for the loan. The terms usually range from 10, 15, 20 to 30 years. The higher the interest paid the shorter the term of payment and vice versa. Also, with Prodigy Lending, a borrower can negotiate their terms of payment to a period that suits them according to their current and anticipated financial position. This means that their loans are very flexible and can be adjusted from borrower to borrower.
These are some of the very simple requirements put in place by Prodigy Lending for their conventional loans. Aside from conventional loans, Prodigy Lending also offers a variety of government-backed loans which include: FHA loans by the Department of Housing and Urban Development, USDA loans by the Department of Agriculture and VA loans by the Department of Veteran Affairs. All these loans are offered at very unique, favorable interest rates and with very unique features. This is why Prodigy Lending stands out from other mortgage lenders in Euless.
Contact us today for more loan information!