Conventional Fixed-Rate Mortgage
- Do you plan to stay in your home for many years?
- Do you prefer a consistent mortgage payment for budget planning?
- Does your peace of mind depend on a payment that never changes?
- Do you have equity or a down payment of more than 20% and wish to avoid mortgage insurance?
If you answered “yes” to any of these questions, a conventional fixed-rate mortgage might be right for you! Since your rate won’t change for the life of your loan, your principal and interest payment will never increase.
Conventional Fixed-Rate Mortgage Features
- 30, 25, 20, 15 and 10-year terms are all available with fixed-rates.
- Purchase with as little as 5% down or refinance up to 95% of value (using private mortgage insurance).
- Loan amounts from $40,000 to $715,000.
How a Conventional Fixed-Rate Mortgage Works
- Monthly payments based on interest rate, principal loan amount, and amortized interest over the life of the loan, 30 years, for example.
- Your principal and interest payment will not change throughout the life of the loan.
- Your actual payment will vary based on your financial situation and the current interest rates when you apply.
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