Conventional Mortgage
Conventional Fixed Rate Mortgage
A “Conventional” (Conforming) Fixed Rate mortgage is ideal for borrowers with good credit needing a loan under $845,000 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.
Conventional Home Loans
Features of Conventional Fixed Rate Mortgage
- Maximum loan amount is generally limited to $845,000 for a single-family home (limits may be higher in regions where home prices are higher)
- Typically requires at least 5% 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 Conventional 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
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Since 1999, we’ve helped over 150,000 people across 23 states become homeowners.
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*Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.
| Purchase Price | Loan Amount | Interest Rate | APR | Term |
|---|---|---|---|---|
| $239,000 | $227,050 | 6.5% | 6.725% | 30 |