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 $484,350 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 $484,350 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
GMFS Mortgage worked quickly and gave details and answers on anything I asked. Highly recommended.
Excellent experience. Carla Vento has handled two of my mortgage loans and has been extremely helpful and thorough throughout the process. I recommend GMFS Mortgage and Carla Vento for anyone whether it’s your first home buying experience or tenth.
Customer Reviews
GMFS Mortgage worked quickly and gave details and answers on anything I asked. Highly recommended.
Excellent experience. Carla Vento has handled two of my mortgage loans and has been extremely helpful and thorough throughout the process. I recommend GMFS Mortgage and Carla Vento for anyone whether it’s your first home buying experience or tenth.
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