Conventional Mortgage
What is a Conventional Mortgage?
A Conventional Mortgage is one that is approved and/or serviced by a bank, mortgage company or private company, as opposed to a mortgage which is government-backed, such as an FHA Loan, USDA or VA Loan. Conventional Mortgages are usually 15-year or 30-year loans (although sometimes other term lengths can be negotiated) and may offer better terms than a government-backed mortgage. The process for closing a Conventional Mortgage is sometimes faster, but qualifications are stricter regarding credit ratings and down payment requirements.
Usually, in order to qualify, you will need to be able to put at least 5% down on the home mortgage. If you have less than 20% down, then you be required to purchase private mortgage insurance, Your credit must be average or better to qualify, so you will want to take the time to assess your credit rating before making a decision.
We can help you determine whether a Conventional Mortgage would be right for you. We also offer a number of tools to help you along the way.
Conventional Mortgage Tools and Resources
Can I Really Afford My Own Home?
Taking on a mortgage is a big decision. You want to be sure you don’t put yourself in a situation where you find yourself overextended and unable to meet that commitment. You can use our Monthly Payment Calculator to determine what your monthly payments would be in various situations and see what kind of home you can afford.
Mortgage Calculator ›
Conventional Mortgage Resources
We offer conventional mortgage resources to help you at every step in the process. Click through to start exploring our resources.
Conventional Mortgage Resources ›
How to Get Started?
Let us know a little more about you and what you’re looking for in a conventional mortgage by completing the form on this page.
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