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!

Get Started with GMFS Mortgage

Customer Reviews

WHY GMFS MORTGAGE?

Our avg. customer feedback rating = 4.8 stars! Experience for yourself why so many of our customers and partners refer GMFS Mortgage to their family, friends and clients!

Established

Over 89,000 customers and $14.9 billion in residential mortgage funding in 23 states

Efficient

Processing, underwriting, and closing under same roof means smooth & predictable closings

Trusted

A+ rating with BBB and winner of Torch Award for Marketplace Trust

Experienced

GMFS staff has an avg. of 14+ years of mortgage industry experience