What is a conventional mortgage?

A mortgage loan through a private lender; credit union, bank, or mortgage company. A conventional mortgage is not secured through a government entity.

What are the requirements to apply for a conventional mortgage?

The requirements to apply for a conventional mortgage may include a higher credit score, lower debt-to-income ratio, and a down payment. For additional requirements, reach out to Goldenwest Credit Union today!

Will a down payment be required for a conventional mortgage?

As low as 3% down is required for a conventional mortgage loan. However, PMI is required when less than 20% is put down.

PMI is private mortgage insurance. PMI is required if your down payment is less than 20%.

Can I use gift funds for the down payment?

Yes, however documentation is required. There may be additional requirements for gifted down payment funds. Reach out to one of our Mortgage Loan Officers for additional questions.

Are there loan limits for a conventional mortgage?

Yes, there are conforming loan limits in your area. A mortgage of $832,750 or more requires a jumbo loan instead of a conventional mortgage. Additional loan limits may apply based on the value of the property and borrowing ability.

How long does the loan process take?

The entire loan process can vary based on market conditions. Once you have found your future home, and your offer has been accepted, closing can take approximately 30 days.

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Conventional Mortgages

Goldenwest offers a variety of affordable conventional mortgage options to best fit your needs.

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We offer the options you need for a Conventional Mortgage loan that fits your needs.

Fixed-Rate Mortgage Loans

Goldenwest offers conventional mortgage loans with fixed rates and terms. With a fixed rate mortgage, the interest rate does not change for the life of the loan.

Benefits of a Conventional Mortgage Loan:

As low as 3% down
Choose your term: 10, 15, 20, or 30 years
Financing for second homes and investment properties
No PMI (private mortgage insurance) when you put 20% down

Goldenwest also offers Adjustable Rate Mortgage Loans.

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Conventional Mortgage Rates*

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Adjustable Rate Mortgage (ARM)

An Adjustable Rate Mortgage, or an "ARM", is a loan type that offers a lower initial interest rate than most fixed-rate loans. With most ARMs, the interest rate and monthly payment are fixed for an initial time period such as five years, seven years, or ten years. After the initial fixed period, the interest rate can change every year.

Jumbo Mortgage

Goldenwest currently offers Jumbo Mortgages for loan amounts exceeding $832,750. Speak with a mortgage specialist to help you decide if a Jumbo Mortgage is right for you.

Investment Property Mortgages

Finance your rental and investment properties at competitive rates and fees at Goldenwest. Goldenwest can help you secure financing for rental and investment properties with up to 80 percent loan-to-value at competitive rates, low fees and a variety of terms.

Frequently Asked Questions

What is a conventional mortgage?

A mortgage loan through a private lender; credit union, bank, or mortgage company. A conventional mortgage is not secured through a government entity.
What are the requirements to apply for a conventional mortgage?

The requirements to apply for a conventional mortgage may include a higher credit score, lower debt-to-income ratio, and a down payment. For additional requirements, reach out to Goldenwest Credit Union today!
Will a down payment be required for a conventional mortgage?

As low as 3% down is required for a conventional mortgage loan. However, PMI is required when less than 20% is put down.
What is PMI?

PMI is private mortgage insurance. PMI is required if your down payment is less than 20%.
Can I use gift funds for the down payment?

Yes, however documentation is required. There may be additional requirements for gifted down payment funds. Reach out to one of our Mortgage Loan Officers for additional questions.
Are there loan limits for a conventional mortgage?

Yes, there are conforming loan limits in your area. A mortgage of $832,750 or more requires a jumbo loan instead of a conventional mortgage. Additional loan limits may apply based on the value of the property and borrowing ability.
How long does the loan process take?

The entire loan process can vary based on market conditions. Once you have found your future home, and your offer has been accepted, closing can take approximately 30 days.