Conventional Loans

What is a Conventional Refinance loan?

A conventional 30 year fixed rate loan is among the most common loans for borrowers who have a higher FICO credit score and a good credit history. Conventional loans have less flexible guidelines but generally offer lower interest rates.

Conventional loans require private mortgage insurance (PMI) if you have less than 20% equity in a home. PMI requires an additional monthly fee. A lender paid PMI product is available. Ask your loan officer for details. 

Is a Conventional refinance right for me?

If you would like to reduce your monthly payment or lower your interest rate a conventional loan might be right for you. 

• You have a good credit history
• Steady and verifiable income
• Credit score equal to or greater than 620

Is a Cash-out refinance right for me?

Give yourself some breathing room by taking advantage of the many benefits of cashing out the equity in your home:

• Reduce high-interest rate debt
• Make home improvements
• Help pay for college tuition
• Buy a second home

How do I get a conventional refinance loan?

Once you have decided a conventional refinance loan will fit you best, contact us and speak with a Carrington loan officer.