A conventional, fixed-rate mortgage is the most popular type of mortgage loan. Conventional loans (commonly referred to as “conforming loans”) are for loan amounts of $417,000 or less and typically require a minimum down payment of 5%. A fixed-rate mortgage provides you with the security of an interest rate and monthly payments that don't change.
Bank SNB is a direct Fannie Mae lender, meaning we get great loan rates, have simpler underwriting guidelines, provide faster approval times and enable you to make payments at your local branch.
We offer a variety of term options for our conventional fixed-rate mortgages; 30-year and 15-year terms are the most popular, but 20-year and 10-year terms are also available.
A 30-year fixed-rate loan affords you the lowest monthly payment of all the fixed-rate loans we offer, while a 15-year fixed-rate mortgage gives you the ability to own your home free and clear in 15 years. Although monthly payments are somewhat higher than a 30-year loan, the interest rate on the 15-year mortgage is usually lower and requires less than half the total interest cost of the traditional 30-year mortgage. However, many borrowers find the higher-payment loan out of reach and choose a 30-year mortgage. The length of your loan is negotiable based on what is right for you.
Whether you are considering purchasing a new home or deciding if it’s the right time to refinance, use our calculators to help you make your decision. Explore our helpful resources to answer many of your mortgage questions, or talk with one of our loan officers to determine the mortgage that’s right for you.