Conventional Fixed Rate Mortgage

A “Conventional” (Conforming) Fixed Rate mortgage is ideal for borrowers with good credit needing a loan under $548,250 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 $548,250 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 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!

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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. 

Loan Term Down Payment Annual Percentage Rate Estimated Monthly Payment
30 year fixed rate 10% (90% LTV) 4.75% $1,043