Classic Mortgage Corporation
NMLS #140014

104 S Michigan Ave
Vicksburg MI 49097

269.649.1371 phone
269.649.1389 fax

Classic Mortgage Corporation

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Conventional Loans

Most conventional mortgages have either fixed or adjustable interest rates.

  • Typical fixed interest rate loans have a term of 15 or 30 years. A shorter-term loan usually results in a lower interest rate.
  • Adjustable-rate mortgages, or ARMs, fluctuate in relation to the rate of a standard financial index, such as the LIBOR. Monthly payments can go up or down accordingly.


Conventional loans require as little as 5% down.

  • If the borrower provides a down payment less than 20% of the sales price, private mortgage insurance (PMI) will be required. PMI is typically either a monthly or one time premium that is paid to protect the lender in instances where the borrower defaults. With a down payment of 20% or more, no PMI is required.
 

Learn more about other loan programs