Conventional Loan Financing: Affordable Home Loans with Flexible Terms

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Conventional Loan Financing

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Are you looking to buy a new home, lower your mortgage payment, or turn your equity into cash? Applying for your next home loan could be easier than you think.

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What is a Conventional Loan?

Introduction explaining that conventional loans are not insured by the government, often offering lower rates for qualified buyers. Mention that they can be used for primary residences, vacation homes, or investment properties.

See if You Qualify for a Conventional Loan

Conventional Loan Benefits:

Why Choose a Conventional Loan?

  • Lower Interest Rates for Qualified Borrowers: Especially for those with good credit and stable income.
  • Variety of Property Types: Available for primary homes, second homes, and investment properties.
  • No Private Mortgage Insurance (PMI) With 20% Down: Avoid PMI if you put down at least 20%.
  • Higher Loan Limits: Conventional loans often have higher limits than government-backed loans.
Learn More About Conventional Loan Benefits

Eligibility Requirements:

Types of Conventional Loans

  • Conforming Loans: Loans that meet Fannie Mae and Freddie Mac’s guidelines, with limits set by the Federal Housing Finance Agency (FHFA).
  • Non-Conforming (Jumbo) Loans: For properties that exceed conforming loan limits, often used for luxury homes.
  • Fixed-Rate Loans: Stable interest rate and monthly payments over the life of the loan.
  • Adjustable-Rate Mortgages (ARMs): Lower introductory rates that adjust after a set period.
Find the Right Conventional Loan for You

Conventional Loan Calculator:

Estimate Your Monthly Payments

Monthly Payment: $0

Total Payment: $0

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The Conventional Loan Process:

How to Apply for a Conventional Loan

  • Pre-Approval: Get pre-approved by providing your income, assets, and credit score to a lender. This helps you understand your buying power.
  • Loan Shopping: Compare rates and terms from different lenders to find the best fit for your situation.
  • Submit Your Application: Provide required documentation, such as tax returns, pay stubs, and credit reports.
  • Underwriting Process: The lender will review your financial details, property appraisal, and other factors to approve the loan.
  • Closing: Once approved, finalize your loan and take ownership of your new home.
Start Your Pre-Approval Now

Conventional Loan vs. FHA Loan:

Conventional Loan vs. FHA Loan: Which is Right for You?

A high-level summary of the steps involved in working with a mortgage broker from initial consultation to closing on your loan.

  • Credit Requirements: FHA loans are more lenient on credit scores, while conventional loans typically require higher scores.
  • Down Payments: FHA loans require 3.5% down, while conventional loans can go as low as 3% for first-time buyers.
  • Mortgage Insurance: FHA loans require mortgage insurance for the life of the loan, while conventional loans allow you to remove PMI after reaching 20% equity.
Compare Conventional and FHA Loans

Refinancing with a Conventional Loan:

Refinance Your Home with a Conventional Loan

Explain how homeowners can use a conventional loan to refinance their existing mortgage for a lower rate, shorter term, or to cash out equity.

Learn More About Refinancing

Current Mortgage Rates:

Today’s Conventional Loan Interest Rates

Updated:
Loan Type Rate APR Monthly Payment*
30-Year Fixed 6.75% 6.89% APR $1,623
20-Year Fixed 6.50% 6.64% APR $1,875
15-Year Fixed 6.00% 6.14% APR $2,215
10-Year Fixed 5.75% 5.89% APR $2,853
Get a Personalized Rate Quote

*Monthly payments shown are based on a $250,000 loan amount. Rates shown are for demonstration purposes only and are subject to change without notice. Actual rates may vary based on credit score, down payment, and other factors. Contact us for personalized quotes and current rates.

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Get to Know Our Expert Brokers

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Client Testimonials

See How We Helped Homeowners Secure Their Conventional Loan

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Simone was very helpful in my mortgage pre approval process. She kept me informed and up to date with current change of events regarding the homes I was interested in. She demonstrated a great deal of professionalism and attentiveness to me as a client. Overall I really enjoyed working with Simone and I highly recommend because she made what seems like a stressful process surprisingly smooth
Rose u0026amp; Jude
couple
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u003cemu003eu003cemu003eIt is without hesitation that I would like to acknowledge the exceptional service that I received during the entire financing process of my new home. Simone’s professionalism and mortgage experience was impressive and truly appreciated. Initially I was working with several others banks and found the process frustrating and stressful. Simone went above and beyond to ensure that all of my needs were met and that everything was handled thoroughly and efficiently. I have, and will continue to recommend her in the future.u003c/emu003eu003c/emu003e
Laurenice Perkin
Homeowner
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I was referred to Simone by my realtor and it was the best decision I made to use her services. Simone was patient and transparent and made the mortgage process easy to understand. She was responsive and guided us throughout the loan from start to finish managing to find a loan that matched our needs at a great rate.
MD Rohman
Self-employed
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Frequently Asked Questions About Conventional Loans

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By default, this panel is concealed and appears when the user clicks on the section title. Input relevant information about its title using paragraphs or bullet points. Accordions can enhance the user experience when utilized effectively. They allow users to choose what they want to read and disregard the rest. Accordions are often utilized for frequently asked questions (FAQs).Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nulla congue vitae sem nec fermentum. Maecenas tincidunt semper cursus. In sit amet posuere augue. Curabitur tempus nec justo et consequat. Aliquam non ex lectus. Etiam vel ultricies felis. In sed mauris felis. Duis egestas nec quam at vulputate. Nulla nec odio rhoncus, gravida mi congue, bibendum urna. Fusce vel iaculis tortor. Praesent lacus justo, blandit non molestie sit amet, iaculis vitae nunc. Ut sapien diam, lobortis non metus non, fringilla molestie ante. Mauris nisl quam, ultricies a fringilla ac, rutrum nec dolor. Cras luctus viverra odio.

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Download Our Free Guide to Conventional Loans

Offer a downloadable PDF guide that provides an in-depth explanation of conventional loan types, the application process, and tips for qualifying.

Download the Guide
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