Conventional Mortgages
Unlock your dream home with a conventional loan.
Looking to buy a new home or refinance your current one?
Consider a conventional loan!
With a conventional loan, you’ll have access to flexible terms and competitive interest rates that can help you achieve your homeownership goals. Plus, with a range of down payment options, you can find a solution that works for your budget. Whether you’re a first-time homebuyer or a seasoned homeowner, a conventional loan may be the right choice for you.
Conventional loans offered typically include:
Conventional Fixed-Rate Mortgages.
A loan with a fixed interest rate for the entire term of the loan, typically ranging from 10 to 30 years.
Conventional Adjustable-Rate Mortgages (ARMs).
A loan with an interest rate that can fluctuate based on market conditions. The interest rate can be fixed for an initial period of time, then adjusted periodically.
Conventional Jumbo Loans.
A loan that exceeds the maximum loan amount limit set by the Federal Housing Finance Agency (FHFA).
Conventional Conforming Loans.
A loan that meets the loan amount limit set by the FHFA.
HomeReady Conventional Loans.
A loan designed for low-to-moderate-income borrowers. It offers reduced mortgage insurance and down payment requirements.
Freddie Mac Home Possible Mortgages.
A loan designed to make homeownership more accessible to low- and moderate-income borrowers by offering a low-down payment option.
Fannie Mae HomeStyle Renovation Mortgages.
A loan that allows borrowers to finance home renovations and repairs on their primary or investment property with their mortgage.
There are several benefits to using a conventional loan for your home purchase or refinance:
Competitive Interest Rates:
Conventional loans often offer competitive interest rates, which can help lower your monthly mortgage payment and save you money over the life of the loan.
Flexible Terms:
Conventional loans typically offer a range of repayment terms, which can give you more flexibility to choose a payment schedule that works for your budget.
No Upfront Mortgage Insurance:
Unlike FHA loans, conventional loans do not require an upfront mortgage insurance premium, which can save you money on your closing costs.
More Flexibility:
Conventional loans offer more flexibility in terms of property types and loan amounts, making them a good option for a wide range of homebuyers.
No Prepayment Penalty:
With a conventional loan, you are free to pay off your mortgage early without facing a prepayment penalty. This can help you save money on interest and pay off your loan faster.
Range of Down Payment Options:
Conventional loans offer a variety of down payment options, which can help you find a solution that works for your financial situation. While a 20% down payment is ideal, many conventional loans allow for a down payment as low as 3%.