Conventional mortgage benefits & guidelines

A 30-year fixed-rate mortgage offers long-term stability with a steady interest rate and monthly payment for the whole loan term. And while a 30-year loan takes longer to repay, the lower payments can free up room in your budget for other financial priorities.

Why choose a 30-year conventional mortgage?

No matter how the economy changes, your rate stays locked in for the full 30-year term of the loan. This reliability makes it one of the most popular options for homebuyers looking to plan their budgets confidently.

30-year conventional mortgage guidelines

To qualify for a 30-year conventional mortgage, you will need:

Credit score of at least 620
Down payment of 3% of purchase price
Debt-to-income (DTI) ratio under 43%

If your down payment is less than 20%, you will likely need private mortgage insurance (PMI), which you can potentially remove once you have 20% equity in your home. You can also pay more than the minimum monthly payment to help build equity faster and lower your interest costs over time.

Your rate will depend on several factors, including credit history and debt-to-income ratio. Apply for a pre-approval today to get personalized rate quote and start the borrowing process.

Why choose a 15-year conventional mortgage?

A 15-year fixed-rate conventional mortgage allows you to pay off your mortgage faster and usually with a lower interest rate. And because the interest rate is lower, more of your payments go toward the principal sooner, helping you own more of your home with each payment.

15-year conventional mortgage guidelines

To qualify for a 15-year conventional mortgage, you will need:

Credit score of at least 620
Down payment of 3% of purchase price
Debt-to-income (DTI) ratio under 43%

Your rate will depend on several factors, including credit history and debt-to-income ratio. Apply for a pre-approval today to get personalized rate quote and start the borrowing process.

How to apply for a Conventional Mortgage

Applying for a conventional mortgage is simple with Saxton Mortgage. Follow these steps.

1. Review your finances

Check your credit score, income, DTI ratio and cash on hand for a down payment.

2. Gather key documents

Have proof of income, details about your mortgage and a home appraisal ready.

3. Apply online

Once you submit your application, your Loan Officer will help you from there.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.  Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Rate for current rates. Restrictions apply.

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