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
We recently purchased our 3rd home and worked with Brad on our mortgage at the recommendation of our builder. This was the easiest and quickest home buying experience we ever had. He was a pleasure to work with, very thorough and made sure we didn’t run into any delays. I would highly recommend Brad to anyone looking for a great lender to work with on the purchase of their home. [Zillow reviews]
Hailey was wonderful to work with. She was patient, and informative. Walked me through the process, and explained every step. Never had to wait more than a few minutes for a return phone call or email! Thank you so much! Highly recommend!
Customer Reviews
We recently purchased our 3rd home and worked with Brad on our mortgage at the recommendation of our builder. This was the easiest and quickest home buying experience we ever had. He was a pleasure to work with, very thorough and made sure we didn’t run into any delays. I would highly recommend Brad to anyone looking for a great lender to work with on the purchase of their home. [Zillow reviews]
Hailey was wonderful to work with. She was patient, and informative. Walked me through the process, and explained every step. Never had to wait more than a few minutes for a return phone call or email! Thank you so much! Highly recommend!
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