Most popular mortgage option. Best rates for good credit.
Strong credit gets you the lowest rates on the market. Typically beats FHA and VA loan pricing.
Unlike FHA's 1.75% upfront fee. Put down 20% and you pay zero PMI — now and for the life of your loan.
3% for first-time buyers, 5% for repeat buyers. Or put down 20% to skip PMI entirely.
Higher limits in expensive markets. Perfect for move-up buyers purchasing a more valuable home.
"Conventional loan, 10% down on $445k house. Credit score 758, rate was 5.875%. Down payment $44,500, closing costs $8,900. Total $53,400 out of pocket. Payment is $2,990/month with insurance and tax. No PMI since we put down 10%. Chase quoted us 6.25%, Bedrock Mortgage beat them by 0.375%. That's $118/month savings, $42k over 30 years. Closed in 18 days, super smooth."
"Had FHA at 6.5% with $287/month PMI. House appreciated, hit 20% equity. Refinanced to conventional at 6.0%, no PMI. Payment dropped from $2,640 to $2,210. Saving $430/month = $5,160/year. Closing costs were $4,200 so break-even is 10 months. After that it's pure savings. Should've refinanced sooner."
"Investment property #1, conventional loan with 20% down. Bought for $365k, rents for $2,650. Mortgage is $2,050, insurance/tax $520, nets $80/month. Not huge cash flow but tenant is paying down my $292k mortgage. In 30 years I'll own a $365k asset (probably worth $800k by then) that I only put $73k into. Already shopping for property #2 with Bedrock Mortgage."
Most lenders require a minimum credit score of 620 for conventional loans. However, the best rates are reserved for borrowers with scores of 740 or higher. If your score is below 620, consider an FHA loan which accepts scores as low as 580.
First-time buyers can put down as little as 3%, while repeat buyers typically need 5% minimum. Put down 20% or more to avoid PMI entirely and get the best rates. Your down payment amount affects your rate, monthly payment, and whether you'll need mortgage insurance.
PMI (Private Mortgage Insurance) protects the lender if you default on your loan. It's required when you put down less than 20%. The good news? PMI automatically drops off once you reach 20% equity. You can also request removal once you hit 20% through payments or appreciation.
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