Conventional Mortgages Built for Your Home and Your Life
Whether you're a first-time buyer or refinancing, conventional loans offer flexibility and straightforward terms. We'll guide you through every step with clarity and care, making the process feel less complicated and more human.
Conventional loans are one of the most popular paths to homeownership
A conventional mortgage is a loan that isn't backed by a government agency. This means more flexibility in loan terms, down payment options, and underwriting criteria. You might choose conventional financing if you have a solid credit history, stable income, and a down payment between 3 and 20 percent. Many borrowers appreciate conventional loans because they don't require mortgage insurance if you put down 20 percent or more, and you have choices when it comes to loan length—typically 15 or 30 years. The application process is straightforward, and once approved, you'll have certainty about your monthly payment. Whether you're buying your first home or upgrading to something larger, conventional loans adapt to your situation.
Understanding Your Conventional Loan Options
Conventional mortgages come in several structures, each designed for different financial situations and goals. Here are the main categories to consider as you explore what works for your household.
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Fixed-Rate Mortgages
Your interest rate stays the same for the entire loan term, whether 15 or 30 years. This means your principal and interest payment never changes, making budgeting predictable and simple.
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Adjustable-Rate Mortgages
These loans start with a lower initial rate that adjusts after a set period. If you plan to sell or refinance within a few years, an ARM might offer savings during the stable period.
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Jumbo and Conforming Loans
Conforming loans stay within standard lending limits, while jumbo loans exceed those limits for high-value properties. Both follow conventional guidelines but serve different property values.
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See What's Available Right Now
Current rates depend on market conditions, your credit profile, loan amount, and down payment. The table below shows typical scenarios, but your actual rate will be based on your specific application. We encourage you to get a personalized quote—it takes just a few minutes and gives you an accurate picture of your options.
Rates as of
| Loan type | Rate | APR |
|---|---|---|
| 30-Year Fixed-Rate Conventional Most popular choice for stable, predictable payments | 6.500% | 6.625% |
| 15-Year Fixed-Rate Conventional Build equity faster with higher monthly payments | 5.750% | 5.900% |
| 5/1 Adjustable-Rate Conventional Lower initial rate, adjusts annually after five years | 6.250% | 7.125% |
Examples assume a loan amount of $300,000, 20 percent down payment, good credit score, and standard property type. Actual rates will depend on your individual circumstances, current market conditions, and lender pricing.
These rates are illustrative only and do not constitute an offer or guarantee. Your actual rate will be determined during the application process and is subject to credit approval, appraisal, and verification of income and assets. Rates change frequently and are subject to change without notice. This information is current as of the date posted and is provided for educational purposes. Please contact us for current rates and a personalized quote.
Questions About Conventional Mortgages
We've answered the questions we hear most often. If you don't see what you're looking for, our team is ready to help.
What down payment do I need for a conventional loan?
Conventional loans typically allow down payments as low as 3 percent, though you may find better terms with 5, 10, or 20 percent down. The larger your down payment, the lower your loan amount and the less you'll pay in interest over time. If you put down less than 20 percent, you'll pay private mortgage insurance, which protects the lender if you can't make payments. This insurance is not permanent—once you build 20 percent equity, you can request to have it removed.
How long does the conventional loan approval process take?
Most conventional loans take between 30 and 45 days from application to closing, though it can be faster or slower depending on how quickly you provide documentation and how the appraisal proceeds. We work to keep things moving smoothly by staying organized and communicating clearly at every stage. Early in the process, you'll receive a Loan Estimate that details your rate, fees, and monthly payment so there are no surprises.
Can I refinance my conventional loan later?
Yes. If market rates drop or your financial situation improves, refinancing might make sense. A refinance replaces your current loan with a new one, often with a lower rate or different terms. Some borrowers refinance to shorten their loan term, consolidate debt, or access home equity. Like your original mortgage, refinancing involves an application, appraisal, and underwriting. We can help you evaluate whether refinancing makes financial sense for your goals.