ServicesConventional Loans
Conventional Loans in Bartlett
A conventional home loan can offer a strong rate and mortgage insurance that comes off over time. We start with the payment you can carry safely, taxes and insurance included, then build the loan around it so the closing holds no surprises.
What a conventional loan is and who it fits
A conventional loan is a mortgage that no government agency backs. Most are written to Fannie Mae and Freddie Mac guidelines, which is why they are also called conforming loans. You can use one for a first house, a move up, a second home, a rental or a refinance.
They tend to fit borrowers with steady income, credit in good shape and some money saved for the down payment. Putting down less than 20 percent means paying private mortgage insurance, but unlike FHA insurance, you can drop it once you have built enough equity.
Our aim is to keep you out of a loan that looks fine on closing day and feels tight six months later. We start with the full monthly cost, and if FHA loans, VA loans or USDA loans would work better for you, we say so on the first call.
What we handle on a conventional loan
- 01
A full-payment budget check
We price principal, interest, property taxes, insurance and PMI together. In Texas, taxes can move a payment as much as the rate does, so we use real figures for the area you are shopping in.
- 02
Down payment and PMI options
We compare a few down payment levels side by side so you can see how each one changes the payment, the PMI and the cash you keep in reserve.
- 03
A written pre-approval
After we review your income, assets and credit, you get a pre-approval letter that sellers and agents take seriously.
- 04
Rate lock guidance
We explain lock periods and discount points in plain terms, including when paying points makes sense and when it does not.
- 05
Careful closing coordination
We work with the title company and your agent through closing. We confirm wiring instructions by phone with you, because changed instructions sent by email are a common fraud attempt.
Questions about Conventional Loans?
Call(254) 414-2623When a conventional loan is likely the strongest choice
Your credit is solid
Good credit earns better conventional pricing, so borrowers with healthy scores often get a lower rate here than through other programs.
You have saved 5 percent or more
A first-time buyer may qualify with just 3 percent down, though putting more down tends to bring the rate and the PMI lower.
You want PMI with an end date
Conventional PMI can come off at 20 percent equity and stops on its own at 22 percent, measured against the original value.
The property is a second home or rental
Government-backed loans focus on the place you live. A conventional loan can also finance a vacation property or an investment purchase.
Your income is simple to show
W-2s, pay stubs and tax returns suit a standard file. If you earn through a business, start with our bank statement loans page instead.
The path from your first call to the closing table
- 1
Your pre-qualification call
We go over income, debts, savings and the price range you are considering. You hang up with a budget that holds, not one pushed to the edge.
- 2
Paperwork and pre-approval
You share pay stubs, bank statements and tax returns through a secure channel we arrange together. Once we verify them, your pre-approval letter goes out.
- 3
Accepted offer, appraisal and inspection
When the seller accepts, we order the appraisal and lock the rate on your timing. We also suggest a full inspection so you know the condition of what you are buying.
- 4
Underwriter review
An underwriter goes through the whole file. Any question that comes up reaches you quickly and in plain terms, so nothing holds up the deadline.
- 5
Signing and closing
Your Closing Disclosure arrives at least three business days early, and we go over any number that moved from the Loan Estimate before you sign.
What moves your rate and closing costs
Every conventional loan is priced on its own details. Your Loan Estimate breaks out each cost, and we review it with you so the closing figures match what you planned for.
- Credit score
- Better scores bring better pricing on the rate and on PMI. Even a small bump before you apply can matter.
- Down payment size
- Starting with more equity lowers both risk pricing and mortgage insurance. At 20 percent down, PMI goes away completely.
- Property type and use
- A home you live in gets the best pricing. Second homes, rentals, condos and multi-unit buildings each come with their own adjustments.
- Points and lock length
- Paying to buy down the rate raises your upfront cost, and a longer lock can too. We lay out both choices so you can decide.
- Taxes, insurance and escrow
- At closing, your escrow account gets funded for property taxes and insurance. Your county's rates and your closing date shape how much cash that takes.
Conventional loan questions we hear from buyers
How much do I need to put down on a conventional loan?
Many conventional loans start at 5 percent down, and some first-time buyers can qualify with 3 percent. At 20 percent down there is no PMI. We help you weigh a smaller down payment against keeping savings in the bank, which matters if the roof or air conditioner needs attention soon after the move.
When does PMI go away?
When your balance reaches 80 percent of the original value and your payments are up to date, you can ask your servicer to remove it. At 78 percent it drops off automatically. If values have risen, a new appraisal may get you there sooner.
Is a conventional loan or an FHA loan better for me?
It comes down to your credit and your down payment. With strong credit, a conventional loan often costs less over time because its PMI can end. With lower scores, FHA loans may price better, and we will quote both next to each other.
Can family help with my down payment?
Yes, for a primary residence. You will need a signed gift letter and a record of the transfer. Let us know early and we will show you a simple way to move the money.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an early review of your numbers based on what you tell us. Pre-approval comes after we verify your documents and credit, and that letter is what makes an offer stronger.
Find out what you can borrow comfortably
A short call gives you a clear budget and an honest look at whether a conventional loan is the right choice. Buyers in Bartlett, Temple, Georgetown and nearby towns can talk it through with us by phone or video.