• Conventional Fixed Rate Loan

    Borrowers looking for a low, fixed rate that plan on living in the home for a while often turn to the comfort of a conventional loan.

  • Conventional Fixed Rate Loan

    Borrowers looking for a low, fixed rate that plan on living in the home for a while often turn to the comfort of a conventional loan.

Conventional Fixed Rate Loan

If you’re looking to stay in your home for a while, a fixed-rate conventional loan provides the stability of a principal & interest monthly payment that won’t change. Borrowers with funds for at least 20% down can also save by eliminating the need for mortgage insurance. This is a great option for buyers selling a current home with equity or refinancing out of an ARM or FHA loan.

Low, Fixed Rate

Conventional loans can offer the stability of a low, fixed rate with a payment that won’t change from month to month and feature a wide variety of term options.

No Mortgage Insurance (MI)

Borrowers putting 20% down or more on a conventional loan can save $ by eliminating the need for mortgage insurance. Those putting less than 20% down can also eliminate MI down the road once enough equity has built up.

A little help from my friends

Just because you’re aiming to put 20% down doesn’t mean you can’t use a little help. Conventional loans allow for both seller concessions and gift funds from friends or family.

Conventional Fixed Rate Loan Details:

  • No mortgage insurance on loans with 20% down or more
  • Stability of a low, fixed rate and payment that won’t change month to month
  • Wide vareity of loan terms available
  • Purchase & Refinance options
  • Seller paid closing costs or concessions up to 3-6% of sales price depending on LTV
  • Gift funds allowed for down payment

Additional Details:

  • 3% minimum down payment
  • Entire down payment may come from gift funds
    (talk to me about this early in the process!)
  • Non-occupying borrowers are allowed to help the occupying borrowers qualify for the loan. A great option for parents looking to help their children buy their first home!
  • Conventional loans with less than 20% down can require mortgage insurance, but also have the ability to cancel mortgage insurance once enough equity is present

Have a question about a Conventional Fixed Rate Loan?

© Copyright 2016 - Summit Mortgage Corporation