Secure Login

Conventional Loans

A conventional loan is a home loan that is not insured or guaranteed by a government agency, typically requires a down payment and includes out-of-pocket closing costs.

  • Down Payment: Yes
  • Appraisal Type: Primary Residence, Investment, Second Residence
  • Loan Purpose: Home Purchase or Refinance

Conventional loans are usually based on a loan-to-value ratio, meaning that the borrower makes a down payment. The amount of the down payment determines if the borrower can avoid paying Private Mortgage Insurance (PMI), which protects the lender in case of default. Where PMI is needed, borrowers are required to pay the PMI premiums as part of their regular monthly mortgage until sufficient equity in the property is reached. 

Conventional mortgages that have a loan limit set by Fannie Mae and Freddie Mac are referred to as Conforming loans. Loans that exceed the conforming loan limit are known as Jumbo mortgage loans. Rates on Jumbo loans are usually higher than those on Conforming loans.

Learn More

For more Conventional Loan information or to apply, please visit

© 2008-2017 1st Mariner Bank