Is a conventional loan right for you?
If you’re looking for a mortgage with low fees, a conventional home loan may be a good option for you. If you are eligible, there are a number of benefits.
Benefits of a conventional loan
- Save Money: With a down payment of 20% or more, you won’t need to pay for mortgage insurance.
- Flexible Terms: Choose what mortgage term works best for you! Options include 30, 20, 15, and 10 year terms.
- Low Down Payment Option: It’s possible to take out a conventional loan with a down payment of just 3%.
Conventional loan eligibility requirements
- A good credit score of 620 or higher
- A down payment which can be as little as 3%
- Consistent and documented income
- A low debt-to-income ratio
Are you curious about what your monthly mortgage payment could be? Use our Conventional mortgage calculator to find a monthly payment that works for you…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)