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Today’s Conventional Mortgage Rates

Products

Conventional 15 Year Fixed

Rate*

2.25%

APR*

2.25%

Conventional 15 Year Fixed

2.25%

2.25%

Conventional 15 Year Fixed

2.25%

2.25%

Conventional Home Loan?

Are you looking for a low cost loan with some great benefits for saving money over the life of your loan? A PennyMac Conventional Home Loan may be a perfect fit.

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

Get Started

Call us : (702) 865 - 2225

Contact Now

Conventional Home Loan?

Conventional loans can be a great lower cost mortgage option for people who can afford to take advantage of some of its key benefits. One of these benefits is the lack of an additional mortgage insurance payment for borrowers who are able to make a 20% down payment. Even if you’re not able to put 20% down at close you can still have your mortgage insurance removed, after you reach 20% in equity, without having to refinance your property.

Borrowers who are refinancing also often choose conventional loans to save money compared to their existing mortgages. For example, FHA borrowers may transition to a conventional loan in order to eliminate mortgage insurance while getting a great rate.

Another key benefit of a conventional loan is its flexibility to be applied to many different kinds of properties. Conventional loans can be used to finance a primary residence, a second home, or a rental property.

Conventional loan borrowers have the choice of opting for either adjustable-rate (ARM) or fixed-rate loans, depending on their plans for the property. While many prefer the reliability of a fixed rate that stays the same over the life of the loan, some will opt for an adjustable rate if they want to take advantage of the lower rate and don’t plan on staying in the house long enough to be at risk of seeing their payment increase.

While most conventional loans do require a down payment of some kind, many borrowers are surprised to learn that you can qualify for a conventional loan with as little as 3% down. If you wish to avoid mortgage insurance, you will need to put at least 20% down or wait until you reach approximately 20% equity in the home to cancel it.

Mortgage Type

Benefits

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV). There is also added flexibility to accommodate multiple types of properties, including second homes and investment properties. Regardless of how you can benefit from a conventional loan, PennyMac will work with you to make sure all your options are in front of you.

Rates & More Info

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV). There is also added flexibility to accommodate multiple types of properties, including second homes and investment properties. Regardless of how you can benefit from a conventional loan, PennyMac will work with you to make sure all your options are in front of you.

Rates & More Info

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV). There is also added flexibility to accommodate multiple types of properties, including second homes and investment properties. Regardless of how you can benefit from a conventional loan, PennyMac will work with you to make sure all your options are in front of you.

Rates & More Info

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

House

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV).

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV).

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

House

Frequently Asked Conventional Mortgage Questions

House

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV).

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV).

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

House
House

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV).

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV).

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

House
House

Conventional Purchase

PennyMac offers a variety of conventional loan options to help borrowers purchase their dream home. Borrowers with enough funds for a 20% down payment can avoid mortgage insurance immediately while others can have it removed with an appraisal after reaching an 80% Loan-to-Value (LTV).

  • Lower cost than many government programs that require mortgage insurance

  • Available for primary, second homes, investment properties

  • Choose a fixed-rate or adjustable rate mortgage (ARM)

  • Wide range of down-payment options

Can I Get a Second Mortgage to Eliminate PMI?

Piggyback mortgages are second-lien mortgages used to “piggyback” off the first-lien mortgage on a home purchase. These are popular because they help buyers avoid private mortgage insurance when they’re not able to meet the 20% down payment threshold. Piggyback mortgages are primarily portfolio loans and as such the qualifying criteria can vary considerably from lender to lender.

RESOURCES & TOOLS

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What’s your home worth?

Find out how much your home is worth with our fast, free home value estimator tool.

House

What’s your home worth?

Find out how much your home is worth with our fast, free home value estimator tool.

House

What’s your home worth?

Find out how much your home is worth with our fast, free home value estimator tool.

Get Started

Call us : (702) 865 - 2225

Contact Now