//Conventional Mortgages
Conventional Mortgages2017-10-27T15:24:16+00:00

For Buyers with Good Credit and Money to Put Down

A Conventional Mortgage is simply any mortgage loan that is not insured or guaranteed by the federal or state government.

Conventional Mortgages typically require a higher down payment, usually 5%–20%. They also have higher income and credit score requirements than government loans. Typical fixed-rate loans have a term of 30 or 15 years. However, Academy Mortgage offers 30-year, 25-year, 20-year, 15-year, and 10-year fixed-rate options.

Conventional Mortgage Program Highlights:

With 20% Down

Costs & Fees

See if you qualify

Conventional Mortgage Benefits:

Conventional Mortgages offer the following features:

  • Buyer has immediate equity in the property.
  • No private mortgage insurance is required with a 20% down payment, which is a great advantage.
  • Lower closing costs and fees.
  • Closing costs and fees may be included in the loan.
  • Repayment terms are generally more favorable.
  • Fewer bureaucratic hurdles, making the loans quicker to process.
  • No government stipulations and prepayment penalties if you sell or refinance your house.

30 vs 15-Year Fixed Rate Mortgages

30-Year Fixed-Rate Mortgages

  • Amortized over 30 years.
  • Have a higher interest rate than most other programs.
  • Lower monthly payments.

15-Year Fixed-Rate Mortgages

  • Amortized over 15 years.
  • Mortgage is paid off twice as fast.
  • Monthly payments are significantly higher.
  • Amount of interest paid over the life of the loan is considerably lower.

Conventional Mortgage Calculator

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Contact us right away and start on the path towards homeownership with a Conventional Mortgage from Academy!

Fill out this form and we will reach out to you right away to schedule a no-cost consultation. If you’re ready to get started, click “Pre-Qualify” below. You can also contact us by phone or email.

97% Customer Satisfaction
5-Star Lender
#1 Lender in Utah for 2015

*Academy Mortgage’s 3rd Quarter 2016 Customer Satisfaction Survey, with a sample size of 6,944 Responses

** Source: CoreLogic Marketrac Report for 2015, published in January 2016