SKIP TO MAIN CONTENT
First Community Mortgage logo
  • Apply Now
  • Team
    • Ashley Hammonds
    • Ramona Carter
    • Sarah Sommerville
  • The Loan Process
    • Why FCM
    • What is a Credit Score
      • Your FICO Score
    • Buy Down
    • Getting Prequalified
    • Your Down Payment
      • Gifts as Down Payment
    • Closing Costs
    • Conventional Loan Program
    • Government Loan Programs
      • Why Title Insurance copy
  • When to Refinance
  • Mortgage Saving Tips
    • Mortgage Calculators
      • Debt Consolidation
      • Prepayment Savings
      • Early Payoff
      • Refinance Break Even
    • Things to Avoid
    • Debt to Income Ratios
    • Eliminating PMI
    • Refinancing Options
  • About Us
    • Contact Us
  • Log In

 

 

Conventional Loan Program

Mortgage Photo 250_11

Conventional Loans

A conventional loan is a great option if you have a solid credit score and little debt. ... In most cases, borrowers save money in the long run with a conventional loan because there's no upfront mortgage insurance fee, and the monthly insurance payments are cheaper

A "fixed-rate" mortgage comes with an interest rate that won't change for the life of your home loan. ...Terms of these conventional loans typically range from 10 to 30 years.

Down payment on conventional loans start out at 3% (certain restrictions applies).

What PMI means? Private mortgage insurance

Private mortgage insurance , also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan if you put less than 20% down payment.

Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan.  You can request the PMI to be removed from your conventional loan at 78% loan to value.  Unlike FHA and USDA where the PMI is the life of the loan, no matter your down payment.

Ready to get started? 

Apply Now

Shopping for a mortgage?

Get A Quote Now

We will be glad to assist you!

Got a Question?

First Community Mortgage can aswer your questions about a Conventional Loans. 

Give us a call: (334) 285-8850

  • Company State Licenses
  • Privacy Policy

NMLS     |     FAIR LENDER     |     FAIR HOUSING

First Community Mortgage provides links to external websites for convenience and information purposes only. Users should be aware that when you select an external link on First Community Mortgage site, you will be leaving our site, and those sites are not under the control of First Community Mortgage. FCM is not responsible for the contents of any kind, or any udpates or changes of any external sites, such as Alamode, Inc. As seen on Mortgageloan.com, and the Inman News Community.

First Community Mortgage

3090 Hwy 14 Ste D.

Millbrook Al. 36054

334.285.8850

NMLS     |     FAIR LENDER     |     FAIR HOUSING

First Community Mortgage provides links to external websites for convenience and information purposes only. Users should be aware that when you select an external link on First Community Mortgage site, you will be leaving our site, and those sites are not under the control of First Community Mortgage. FCM is not responsible for the contents of any kind, or any udpates or changes of any external sites, such as Alamode, Inc. As seen on Mortgageloan.com, and the Inman News Community.