Conforming loans, also called conventional loans, are some of the most common mortgages available today. These mortgages are underwritten to federal standards set by Fannie Mae and Freddie Mac.

 

The current loan limit for a conforming mortgage is set at $484,350, though this limit can increase for properties in a high-cost area. When this happens, it is referred to as a “Conforming High Balance” mortgage product. The experts at Local Mortgage can help you determine if this is the right type of mortgage for your conventional loans needs.

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​​The most common loan terms for conforming mortgages are 15 and 30 years. Many people opt for fixed-rate mortgages, which are mortgages in which the principal and interest due each month is fixed for the life of the loan. 

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In conforming/conventional loans, ​borrowers can put as little as 3% down. That said, it is important to note that any down payment less than 20% will require mortgage insurance, which is generally paid monthly. 

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When you work with us, you receive the Local Mortgage advantage:

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1. Great low mortgage interest rates on conforming/conventional loans

2. Quick closings in case you need a fast turnaround

3. Close with Certainty

4. Transparent process lets you know where your loan is at all times

5. Our staff is always available when you need us.