Home financing in Georgia & South Carolina
Conventional Mortgages
Conventional mortgages are home loans that are not insured or guaranteed by a federal government agency. They can be part of a conversation about buying a home or refinancing an existing mortgage.
Tell Samantha where you plan to buy, or what you want to change about your current mortgage. We can help you identify the questions to ask as you compare financing options.
Conventional loan types to explore
- Conforming conventional loans: Meet the applicable Fannie Mae or Freddie Mac guidelines.
- High-balance conforming loans: A conforming option for qualifying higher-cost areas, subject to the applicable loan limits.
- Jumbo mortgages: Used when the loan amount is above the applicable conforming loan limit.
Choose a rate structure and term
- Fixed-rate mortgages: Common terms include 10, 15, 20, and 30 years.
- Adjustable-rate mortgages (ARMs): Options can include 5/6, 7/6, and 10/6 ARMs. The rate and payment can change after the initial fixed period according to the loan terms.
What to compare
- The down payment and cash needed at closing.
- The interest rate, loan term, and whether the rate can change.
- Whether private mortgage insurance is required and how it affects the payment.
- The total monthly payment, including property taxes and homeowners insurance.
Prepare for a conversation
Have your purchase budget or current mortgage details available, along with questions about your income, savings, and timeline. Ask for a comparison of closing costs and ongoing payments before choosing a loan.
Learn more in the Consumer Financial Protection Bureau’s guide to conventional loans.
Important: This page is educational and is not financial, legal, or tax advice, or a commitment to lend. All loans are subject to credit approval, property eligibility, and applicable program requirements. Mortgage Capital Services LLC, NMLS #2694379 · Samantha S. Peel, Mortgage Loan Officer, NMLS #2685482, licensed in Georgia & South Carolina · Equal Housing Opportunity.