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  • Conventional Fixed-Rate Mortgage

  • A "fixed-rate" mortgage comes with an interest rate that won't change for the life of your home loan. A "conventional" (conforming) mortgage is a loan that conforms to established guidelines for the size of the loan and your financial situation. 

  • Benefits and Considerations

     

    No interest rate surprises

    With a fixed-rate mortgage, the interest rate won't change for the life of your loan, protecting you from the possibility of rising interest rates.

    Refinancing options available

    Conventional fixed-rate mortgages are available for refinancing your existing mortgage, too.  We offer amortization terms from 10 - 30 years.

    Requirements and Qualifications

    • Loan amount - The loan amount for a conforming mortgage is generally limited to $453,100 for a single-family home, though limits may be higher in regions where home prices are higher. Jumbo loans allow you to exceed the conforming loan limit to borrow for a higher-priced home.
    • Down payment - Most conventional loans will require at least a 3% to 5% down payment. For loans with lower down-payment requirements, explore government-backed mortgages like VA loans and FHA loans or speak to your Mortgage Loan officer about other options that may be available.
    • Credit history - Conventional loans are a good choice for borrowers with good to excellent credit, which generally means a FICO score of 700 or higher. There are also established guidelines for income and other personal financial information.

    Conventional fixed-rate mortgages are a popular option, but they're not the only option. Contact Residential Funding Consultants to learn more and find out which mortgage option may be the best fit for you.