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.