Conventional mortgages can be the perfect match for those with a good credit history looking for a variety of down payment options and loan amounts.
These mortgages follow the lending guidelines set forth by government-sponsored enterprises like Fannie Mae or Freddie Mac. A conventional mortgage can come with super low closing costs and flexible payment options.
There are several types of conventional mortgages
For borrowers that prefer to keep the same rate and same monthly payments throughout the duration of their mortgage, a fixed-rate mortgage may be right for you. BankSouth Mortgage offers a variety of down payment options for fixed-rate mortgages.
This type of mortgage starts with a fixed rate for a set determined amount of time (3, 5, 7 or 10 years), with the possibility of the rate changing for the remaining life of the loan. ARMs typically offer lower initial rates and, therefore, lower initial monthly payments than fixed rate mortgages, which makes this type of mortgage ideal for borrowers who don’t plan to be in their home very long or who want to take advantage of falling interest rates without refinancing
Mortgages above $548,250 are considered jumbo mortgages and have special rules. Because of the large size of these loans, the interest rates tend to be higher and the approval requirements more stringent. BankSouth Mortgage offers jumbo programs with low down payments.
Credit and collateral are subject to approval. Terms and conditions apply. Rates, program terms and conditions are subject to change without notice. Some programs have geographic restrictions. This is not a commitment to lend.