Conventional Fixed Rate Mortgage
A “Conventional” (Conforming) Fixed Rate mortgage is ideal for borrowers with very good credit, generally a FICO score of 740 or higher needing a loan under $453,100 that plan to stay in the home for several years. A “conventional” (conforming) mortgage is a loan that conforms to established guidelines for the size of the loan and your financial situation.
Features of Conventional Fixed Rate Mortgage
- Maximum loan amount is generally limited to $453,100 for a single-family home (limits may be higher in regions where home prices are higher)
- Typically requires at least 5 percent down payment although options as low as 3% down could be available. (Terms improve with higher down payment amounts)
- Popular fixed rate loan terms include 30-year, 20-year and 15-year (the longer the loan term the lower the monthly payments but also the more interest paid over the life of the loan)
- Eligible for first time homebuyer or repeat buyer
- Eligible for primary residence, secondary home or investment property
Benefits of Conforming Fixed Rate Mortgage
- Interest rate does not change over the life of your loan, so easy to budget for monthly payments
- May offer a lower interest rate and APR than other types of fixed-rate loans
Contact a GMFS Mortgage Loan Officer today!
Customer Reviews
10/10 with Ryan and his team. They made the whole process easy and fast and were accessible for me throughout. They made sure we had everything all set for closing with no delays at all. I will definitely be using them again and will recommend them to anyone I know.
I had an excellent experience with GMFS Mortgage. Jason and Sandy were easy to work with, helped me to feel comfortable and informed throughout the entire process, and stayed on top of things every step of the way. Thanks for ensuring that everything ran smoothly for my first home purchase!
Great loan product, great experience, good people.
I love, love, love working with this group!! Amazing
Customer Reviews
10/10 with Ryan and his team. They made the whole process easy and fast and were accessible for me throughout. They made sure we had everything all set for closing with no delays at all. I will definitely be using them again and will recommend them to anyone I know.
I had an excellent experience with GMFS Mortgage. Jason and Sandy were easy to work with, helped me to feel comfortable and informed throughout the entire process, and stayed on top of things every step of the way. Thanks for ensuring that everything ran smoothly for my first home purchase!
Great loan product, great experience, good people.
I love, love, love working with this group!! Amazing
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