Conventional Loan

📘 Why Choose a Conventional Refinance?

Refinancing into a Conventional Loan gives homeowners flexibility to realign their mortgage with current financial goals. These loans are best for borrowers with solid credit who want competitive rates, customizable terms, and the freedom to eliminate mortgage insurance — all without the restrictions tied to FHA, VA, or USDA loans.

🔍 What Is a Conventional Refinance?

A conventional refinance replaces your existing mortgage with a new one that conforms to Fannie Mae or Freddie Mac guidelines. Unlike government-backed programs, these loans are offered through private lenders and come with fewer long-term fees.

🔄 Refinance Options with a Conventional Loan

Refinance Type Best For Learn More
Rate-and-Term Refi Lowering your interest rate or changing your term Refinance Options
Cash-Out Refi Accessing home equity for renovations, debt, or other expenses Cash-Out Refinance
FHA-to-Conventional Refi Eliminating mortgage insurance and funding fees FHA Refinance Options

✅ Benefits of Refinancing with a Conventional Loan

  • 🔽 Lower your interest rate

  • 📉 Reduce your monthly payment

  • ❌ Eliminate PMI once you reach 20% equity

  • 💰 Pull cash out for renovations, debt, or large expenses

  • 🕒 Choose from 10-, 15-, 20-, or 30-year terms

  • 🚫 No upfront mortgage insurance (unlike FHA loans)

🧠 Who’s a Good Fit?

You may qualify for a conventional refinance if you meet the following:

✔️ Credit score of 620 or higher
✔️ Stable income and two-year work history
✔️ At least 3%–5% equity in your home (more for cash-out)
✔️ Loan amount under conforming limits (currently $766,550 in most areas)

💡 Already in an FHA, VA, or USDA loan? Switching to Conventional may help remove ongoing fees or insurance costs.

🧾 What You’ll Need to Apply

  • ✅ Government-issued ID and Social Security number

  • ✅ Recent pay stubs and W-2s

  • ✅ Tax returns (for self-employed applicants)

  • ✅ Two months of bank statements

  • ✅ Current mortgage statement and payoff info

  • ✅ Property details (HOA dues, insurance, etc.)

 

🔗 Related Pages

🚀 Ready to Refinance with Confidence?

We’ll help you explore your options, compare terms, and unlock real savings. Whether you're looking to lower your payment or access your equity, we’ll guide you every step of the way.

🔵 [Apply Now]
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🔒 Disclosure

This is not a commitment to lend. All refinance applications are subject to credit approval, appraisal, and program eligibility. Interest rates, terms, and guidelines are subject to change without notice. Not all applicants will qualify. Additional conditions and documentation may apply. Please consult your licensed mortgage professional for personalized advice.

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