As these loans are not government-backed, there is no guarantee to the lender if a borrower defaults, and so requirements are more stringent. However, if you have good credit and have money set aside for a down payment, conventional loans are very affordable in the long term and could be a wise investment.
These loans accumulate equity very quickly. They typically have some of the lowest rates of any mortgage and are ideal if you can afford the monthly payments. If you are looking to own your home and get the most out of your investment quickly, a 10 or 15-year mortgage is the way to go.
While these loans build equity more slowly and have slightly higher interest rates than 15-year loans, their long lifespan translates to much lower monthly payments. If you plan to be in your home for a long time, a 30-year mortgage may be right for you. These are also a great tool allowing you to invest the monthly savings in other investment instruments like your 401k, a 529 plan for the kids, stocks, bonds, or mutual funds.
To pre-qualify, or for any questions you may have about conventional mortgages, talk to a Blue Water Mortgage broker today.
Blue Water Mortgage is licensed in New Hampshire, Maine, Massachusetts, Vermont, Connecticut, Rhode Island, North Carolina, Colorado, Florida, Texas, Georgia, and South Carolina.
They were wonderful to work with. I highly recommend them. Not only were they able to get me the best/lowest rate easily but …
I highly recommend Blue Water Mortgage! I sought to work with them because they have a reputation of being very patient and t…
Working with Blue Water Mortgage Corp was a great experience. My wife and I could not be happier with the process. We felt li…
It is rare to find a business that is so dedicated to its customer base. Blue Water Mortgage was able to close faster than mu…
We started my home buying experience we where told by many mortgage companies we had to wait 3 years. I was doing a VA loan. …
As a first time home buyer, I had no idea where to begin with the mortgage process. Our realtor referred us to Blue Water to …
We had a very quick home search process Kristina and Paula made it happen for us! Kristina was in constant communication to k…
Excellent experience. Roger and his team work unbelievably hard to get the job done. Always available and happy to explain/ad…
Blue Water made the entire process a breeze. They were extremely responsive, knowledgeable and approachable with all of our q…
We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our cont…
I have worked with Blue Water twice now. They set the bar for excellence and professionalism. They communicate clearly about …
I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by…
We had a fantastic experience with Blue Water Mortgage. We were referred to them by two of our friends, we would definitely r…
My wife and I just completed a closing with Blue Water and our experience was phenomenal. We had a very quick turnaround from…
Hiccups are always to be expected with an FHA and a first time home buyer. I would recommend the organization and effort with…
They were wonderful to work with. I highly recommend them. Not only were they able to get me the best/lowest rate easily but they respond very quickly to emails. It made the whole process as stress free as possible.
I highly recommend Blue Water Mortgage! I sought to work with them because they have a reputation of being very patient and thorough for first time home buyers. Lynette, Michelle, Ashley, Megan and their entire team looked after me and made the entire process moving perfectly. Now I live in my FIRST HOME and I love it!!
Working with Blue Water Mortgage Corp was a great experience. My wife and I could not be happier with the process. We felt like anytime there was a question or a concern that it was answered and addressed quickly, we had all the information we needed to know what needed to happen each step of the way. The effort was made clear on what was expected of us, what we needed to provide and when. We felt like we go personal attention, it felt like we were their only clients. From the initial interaction and Application process all the way to the closing date we felt informed and we felt like Blue Water had everything under control. The closing was able to be done a week early and it was a breeze. I highly recommend Blue Water Mortgage.
It is rare to find a business that is so dedicated to its customer base. Blue Water Mortgage was able to close faster than much larger firms. Blue Water Mortgage maintained a constant, very professional communication throughout the mortgage process, which was very helpful since I was a first time home buyer. It was a pleasure doing business with this great company, and I would recommend them to anyone looking to purchase a home!
We started my home buying experience we where told by many mortgage companies we had to wait 3 years. I was doing a VA loan. We were told 3 years due to a bankruptcy. We found Danielle French at blue water mortgage. She told us the truth we could get a mortgage 2 years out. She was able to answer all of our questions. She was available all the time. We did get a great interest rate. We also found that the people who work behind Danielle was also helpful. We have already referred family to Danielle. They have done one loan with them and will be closing on a second home loan with them soon. We have been in our new home since November.
As a first time home buyer, I had no idea where to begin with the mortgage process. Our realtor referred us to Blue Water to get pre-approved and we were fortunate enough to work with Rick Schlager. Even before we made an offer, Rick was extremely helpful and made sure we would be able to get approved for the condo we ended up falling in love with. Once the actual closing process started we stuck with Blue Water since our experience had been so positive thus far. They also have lawyers who will look over your P&S free of charge, which is a GREAT help during the stressful process. Rick was always available to answer our never ending questions, no matter how simple or small. I would 100% recommend Blue Water to anyone, especially first time home buyers. They made the entire process seamless.
We had a very quick home search process Kristina and Paula made it happen for us! Kristina was in constant communication to keep us in the loop for what documents were needed, how to secure the financing, and actually had her team review everything thoroughly to make sure we were getting the best rate, best monthly payment, and best closing costs possible. It was nice to see that Blue Water will do anything in their power to make sure that they have happy clients who were able to obtain and secure the mortgage. I’m very thankful and would recommend them to anyone looking to either buy a home or refinance!
Excellent experience. Roger and his team work unbelievably hard to get the job done. Always available and happy to explain/advise. More human than any bank I’ve dealt with.
Blue Water made the entire process a breeze. They were extremely responsive, knowledgeable and approachable with all of our questions. We will be recommending them to our family and friends for sure!
We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our contact, Scott, was always attentive, informative and professional. He worked out a great rate, helped us get all of our paperwork in order and answered all questions whenever needed. All of this came together to ensure a smooth and easy closing. I would certainly recommend Blue Water Mortgage to anyone shopping for a mortgage or refinance.
I have worked with Blue Water twice now. They set the bar for excellence and professionalism. They communicate clearly about what to expect and what to do throughout the mortgage process. Communication is timely and information is complete and easy to understand. Roger will spend time getting to know you and putting together options for a successful mortgage application. Then Lee will take care of all the details — from coordinating with appraisers to getting everything ready with the attorney for closing. The peace of mind knowing that I would move to closing smoothly is why I will keep going back to Blue Water Mortgage. They are consistently a model for organization and customer service with their patient, thoughtful approach to working with clients.
I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by FAR the best that I have ever dealt with. Lee is extremely helpful, insightful (knows the industry top to bottom), is creative and offers exceptional customer service. While Lee is a true professional, she is also understanding, has a great sense of humor and just knows how to get things done quickly and on or ahead of schedule. I would HIGHLY recommend Lee to those that want only the very best – Lee is a true professional!
We had a fantastic experience with Blue Water Mortgage. We were referred to them by two of our friends, we would definitely refer anyone looking to purchase a home to work with them. As a first time home buyer we had no idea how to start the mortgage process and what to expect. John Riley explained everything to us. Whenever we had a question, which I had many he always picked up his phone or called us right back. He always wanted to make sure we understood what he was saying. Everyone at Blue Water was great they all worked together to help us close. I would recommend anyone looking to buy a house to use Blue Water Mortgage you will have a great experience just like we did. Everyone who is a part of Blue Water is very helpful and caring. They are the best!!!
My wife and I just completed a closing with Blue Water and our experience was phenomenal. We had a very quick turnaround from offer to close and Roger and Paula were extremely helpful and accessible throughout the entire process. There were a number of setbacks on the seller’s side throughout our close and not only did Blue Water anticipate these scenarios, they made proactive adjustments to the paperwork to make sure the sale was able to proceed without disruption. Additionally, Roger explained in detail the reason behind structuring our offer and mortgage as we did which was a process I really appreciated. We will recommend Blue Water to any friends or family looking to buy.
Hiccups are always to be expected with an FHA and a first time home buyer. I would recommend the organization and effort with a 10. They worked through a ton of grey area to get to the nuts and bolts of a few last minute road blocks. I really felt like they were putting in the extra effort for me. I would absolutely recommend Blue Water to any first time home buyer. Great job!
This ebook will help you better understand the home buying process so you can make a more informed buying decision.
Use our Down Payment Worksheet to get a idea of what you can afford to spend.
Determine just how much you’re able to afford on a monthly basis to ensure you’re not in over your head with your monthly mortgage payments.
Please be advised that your actual rate, payment, and cost could be higher. Get an official Loan Estimate before choosing a loan. This estimate is provided for informational purposes ONLY, to assist you in determining an estimate of cash that may be required to close and an estimate of your proposed monthly mortgage payment. Actual charges may be more or less, and your transaction may not involve a fee for every item listed.
Rate and APR based on the following assumptions: Purchase Price of $250,000, loan amount of $200,000, 75% loan to value, 780 credit score, single family property, primary residence, escrowing taxes and insurance, debt ratio within program guidelines.
Rates posted are effective as of 9/24/2024.