CONVENTIONAL MORTGAGES

//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:

NO PMI
With 20% Down

LOWER
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

Submit to Academy

SEE IF YOU QUALIFY

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