A conventional mortgage simply means that your loan isn’t part of a government-backed loan program, like an FHA, VA, or USDA loan. Your loan agreement is between you and your private mortgage lenders, such as your local credit union.

Therefore you don’t need to go through the strict FHA/VA appraisal process and you don’t need to pay upfront mortgage insurance premiums like for FHA loans.

The loan term you choose impacts your monthly payment and also the rate you’re offered. You want to choose a term that means you can easily afford the monthly mortgage payment but also potentially save on interest.

• You can typically choose from a 15, 20, or 30-year term. (10-year terms are mostly designed to pay off your existing loan sooner.)
• Longer terms offer a lower monthly payment while shorter terms come with higher monthly payments, but you’ll save on interest.
• You can always start with a 30-year term and then refinance to a shorter term later if you want to pay your loan off sooner, or because you think you can get a lower rate.

The interest rate and annual percentage rate (APR) you get will be based on your credit score. The higher your score, the lower your mortgage rates.

Sometimes the interest rate and APR are the same. When the APR is higher than the interest rate, it means it includes certain fees rolled into the one convenient figure.

It’s a good idea to get your credit into the best shape possible before you apply for any type of home loan.

Yes, you do need to become a member – and we can Yes, you can usually refinance your mortgage after about six months – but it’s better to wait longer so you have a chance to build up equity, improve your credit through regular payments, and possibly qualify for a lower rate due to shifts in the market.

Keep in mind that a refinance usually means you have to pay closing costs all over again so you want to make sure the timing is right to make it worth it.

Here’s why you might consider a mortgage refinance in future:

• Your finances have improved and you want to pay your mortgage off faster, so you want to reduce your loan term and make a higher monthly payment.
• You’re struggling to make your payments, so you want to switch to a longer term for a lower monthly payment.
• Market interest rates have dropped and you want to secure a lower APR.

When applying for your conventional mortgage loan, you’ll need to provide an Argent loan officer with the following:

• Driver’s license or DMV-issued ID
• Social Security number
• Proof of your physical address (not your mailing address, if it’s different)
• Tax returns
• Pay stubs, W-2s, and any other proof of income
• Bank statements and evidence of any other assets
• Gift letters if someone is helping you with your down payment
• Evidence of your rental history or previous homeownership

Argent will access your credit history by requesting a credit report.

Yes, you do need to become a member – and we can help you join as part of your home loan application.

Membership eligibility is open to individuals living, working, attending school, worshiping or volunteering in the following counties:

• Chesterfield
• Henrico
• Hanover
• The city of Richmond

Membership is also available to family members or housemates who meet the above criteria. To be eligible, members must also be at least 18 years of age and be a U.S. citizen or resident alien.

When you join Argent, you’re joining a member-owned not-for-profit organization with a board of directors who are elected by their fellow credit union members.

We are not obligated to outside stockholders, so all of our profits go right back to our members in the form of no, or lower fees, lower interest rates, and higher dividends.

Additional benefits include free notary services, scholarships, as well as other great perks.