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Mortgage Center

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Enjoy the Flexibility of a Conventional Refinance

Conventional loans offer a variety of options. Our knowledgeable team can use this to your advantage to better match you up with a mortgage that fit your needs. Both fixed and adjustable rate options are available.

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Apply for a Conventional Loan today!

Getting started is easy! Our online application streamlines the process from start to finish. Submit documents and get updates on the status of your loan, all without leaving the comfort of your own home. Prefer to apply over the phone? Give us a call at 800-353-4449.

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What Is a Conventional Home Refinance?

A conventional refinance allows you to replace your current home loan with a conventional mortgage. Whether you have an FHA loan, USDA loan, or some other type of mortgage, you can still qualify for a conventional loan.

These loans are backed by Fannie Mae and Freddie Mac, two government-sponsored enterprises. Being able to refinance to a conventional refinance loan gives you the opportunity to get a lower interest rate, shorten the loan term, cash-out equity, and more.

 

Benefits of a Conventional Refinance Loan

At Mortgage Center, we have several conventional refinance loan options available that offer incredible benefits:

  • Choose from either a fixed rate or adjustable rate: Depending on your needs, you can choose from either a fixed-rate mortgage, where the interest rate will remain the same throughout the entire life of the loan, or an adjustable-rate mortgage, where the interest rate will fluctuate over time.
  • Experience flexible terms: With this type of loan, you have more flexibility. Use the loan for a range of property types and easily reach your financial goals.
  • Take advantage of low interest rates: Since these loans are backed by Fannie Mae and Freddie Mac, you'll have access to lower interest rates.

 

Who Qualifies for a Conventional Home Refinance Loan?

Many factors determine your eligibility for a conventional home refinance loan. Most lenders will consider several elements to determine if someone qualifies for one of these loans, including:

  • Credit score Conventional loans are best for individuals that have good or excellent credit.
  • Debt-to-income ratio: This ratio measures the percentage of your monthly income used to pay down debts.
  • Down payment Since you'll be paying more as a down payment, you'll need to have the funds to meet this requirement.

 

Why Choose Mortgage Center?

Since 1990, Mortgage Center has been committed to caring for and helping our community grow. Today, we have several conventional loan options available depending on your needs and home refinance goals.

Our team of mortgage experts will work with you to ensure you get the best rate. Since we service all of our mortgages for the entire life of the loan, you'll have expert support every step of the way.

 

Have Questions About Our Conventional Home Refinance Rates?

With our simple online application, getting started is easier than ever. Fill out the form today or give us a call at 800-353-4449 to apply now.

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30-Year Fixed-Rate - Refinance
Effective Date: September 30 2022
RateAPRPointsPayment
6.500% 6.631% 0.000 $948.10

15-Year Fixed-Rate - Refinance
Effective Date: September 30 2022
RateAPRPointsPayment
5.750% 6.211% 1.625 $1,245.62

The information provided assumes the purpose of the loan is to refinance an existing single family detached home and will be used as a primary residence. The loan amount is $150,000 and the appraised value is $200,000. For Golden Jumbos, the loan amount is $647,200 and the appraised value is $625,000. For FHA Loans, the loan amount is $150,000 and the appraised value is $152,850. The property is located in Oakland County, Michigan. There is an escrow account for property taxes and homeowners insurance. The rate lock period is 45 days and the assumed credit score is 740 or higher.

The monthly payment amount shown includes only principal and interest. The escrow for property taxes, homeowners insurance, flood and/or mortgage insurance if applicable are not included in the monthly payment amount. Your actual monthly payment will be higher with escrow account included.

The interest rates, APRs and points shown may change throughout the day due to varying market conditions. Rates effective as of September 30 2022. Rates are subject to change. To get more accurate and personalized results, please call 800-353-4449 to talk with a loan expert.

Assumptions

FHA

Great for those who want a lower down payment and those who need flexible credit requirements.

Home Renovation Loan

Refinance and renovate without taking out a second loan.

Maximum Cash-Out Refinance

Put the equity you’ve built in your home to work by using it for home improvements or a large purchase.

VA

Saves you money if you’re active military or a veteran by allowing you to put no money down and avoid the cost of mortgage insurance.