Conventional Mortgage

Conventional mortgage rates remain at all time lows. Finding out how much you qualify for is as easy as clicking the mouse. If you would like more information on a conventional mortgage, fill out the form below, give us a call or use the online help below!

A Conventional Mortgage is your standard mortgage loan backed by bonds issued by Fannie Mae and Freddie Mac.

The loan limits for a Conventional Mortgage vary by region and cost of living.

The three most popular AZ Conventional Mortgages are the 30 year fixed rate

 mortgage, the 15 year fixed rate mortgage and an adjustable rate mortgage (ARM.)

The Conventional 30 year fixed rate mortgage is the most popular loan.  It provides a stable, fixed rate for 30 years and the loan is amortized for the same period of time.

The Conventional 15 year fixed rate mortgage is a more conservative loan, normally used by move-up buyers.  The rate is fixed for 15 years and the loan is amortized for the same period of time.  The payment is higher than the 30 year fixed rate mortgage because of the shorter amortization schedule.

The Conventional adjustable rate mortgage or Conventional ARM is generally

 utilized by the short term buyer.  Someone who will be in the home for less than five years.  There are several ARM's available such as a 1/1 ARM, 3/1 ARM, 5/1 ARM and a 7/1 ARM.  The first number is the number of years the ARM is fixed and the second number is the how often the ARM adjust after the fixed period i.e. a 7/1 ARM is fixed for 7 years and adjustable annually afterwards.

For more information on Conventional Mortgages, contact us at your convenience.

Compare rates on a Conventional Mortgage.