Today's Conventional Mortgage Rates

California Conventional Loans

A California conventional loan is a type of financing loan that comes from a bank or other lending institution. They might also be referred to as “conventional mortgage loans” or “conventional financing”. Conventional mortgage in California is the most common form of home loan, and it offers a more set structure for borrowers.

Here are the basics of a conventional loan in California:

    • Down payments: Conventional loans can be had with a down payment amount as low as 3% if you’re a first-time homebuyer.
    • Credit rating: Homebuyers must have an acceptable credit score to be considered for this type of financing. Typically scores above 630 are considered to be “good,” and anything below that is “poor.” The lower your score is, the higher your interest rate will likely be. You must also have a debt-to-income ratio of less than 50%.
    • Closing costs: Conventional loans usually require borrowers to pay fees when they close on a home, but these fees are typically less than those paid by FHA and VA buyers. Conventional loans do not require that the borrowers pay for inspections, appraisals or credit reports.

Is California Conventional Loan The Best Option For You?

California conventional loans are a great option for first-time owners, but even if this isn’t your first home purchase, the down payment amount only increases by two percent, to be 5%.

In some situations, homeowners in California can save money by using a conventional loan because they don’t have to pay as much for insurance, inspection or appraisal costs. In addition, lenders provide conventional loan approvals by looking at how much the homeowner is able to pay back over the term of the loan rather than on how much they plan to borrow.

If you’re wondering how a conventional loan compares to a VA loan, an FHA loan or other types of mortgage, we encourage you to reach out to us at LBC Mortgage and allow us to better assist you in finding the right type of loan for your needs. Because all of these loans have different requirements, we can take the time to understand your unique situation as well as answer any questions you may have about the different types of loans.

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When Should You Apply For a Conventional Loan?

If you’re trying to save money or have issues with credit score, conventional loans can be a smart choice because they offer flexibility and low monthly payments. If saving money is important to you and you want to put as little money down as possible, California conventional loans may be the right type for you. Also, if you have good credit and want more loan options, conventional loans could be a better fit than FHA loan or stated income loan.

There are a lot of things to consider as you decide among the different types of loans to help you find one that’s the perfect fit for you financially. But you don’t have to do it all alone. At LBC Mortgage, we work with a variety of home loan funding options and can help you get approval when banks and other lenders turn you away.

What’s more, we’re extremely dedicated to helping you get the best deal. Rather than being treated like just a number, we want to get to know you and help you find the right financing for your needs. These are just a few of the many ways that we work hard to earn your business.

If you’re ready to learn more about how a conventional loan in California can help you, contact us today! We’ll take the time to answer all your questions as well as help you get the best deal on a conventional mortgage loan in California. We work with a large network of lenders and work hard to secure you the best possible rate.

Client Reviews

LBC Team went above and beyond to help us buy our new home! They were available for all of our questions, were prompt in their replies to us, and guided us...
Julia T.
Julia T.
08:40 22 Aug 21
Excellent team of great professionals! Superb customer service! They have successfully handled our purchase and refinance in a very short period of time,...
Elina L.
Elina L.
11:12 30 Jun 21
It is hard to describe how scary we were when decided to buy a house. We had no knowledge of the processing, prices, policies, calculations… When our agent referred us to Alex Shekhtam, from the first phone consultation we felt to be just in right hands. We are so blessed to have LBC Mortgage team! Our first house was purchased just because of these hardworking, reliable, efficient, responsive professionals! Recently we were able to refinance our house on good conditions, again, just because of them! Easy processing paperwork, knowledgeable advisors, pleasant communication make you feel special. We are so grateful to all and everyone from LBC Mortgage for making our dreams true!!!!
Lora Kochetkova
Lora Kochetkova
03:44 29 Jun 21
LBC Team is now our Number One Team! Their service was impeccable! We really appreciated the detailed explanations and daily reminders throughout the whole...
Galina S.
Galina S.
13:34 29 Mar 21
We were able to close on our first home even with a strict budget, and I credit it all to Alex and the staff at LBC Mortgage. We couldn’t have done it without you. Thank you so much!
Roger Billon
Roger Billon
06:07 25 Mar 21
Alex and his team were very attentive to our needs. We had some very specific criteria when looking for a home, and most mortgage companies, especially banks, were not even willing to listen to us -- but the team at LBC Mortgage was. They kept everything moving and were happy to answer our questions. We never felt like a burden to them, and that’s how customer service should be.
Kaylani paliotta
Kaylani paliotta
05:51 25 Mar 21
This was one of the last steps I needed to do in order to close on a home, and I had been putting it off because I had assumed it was a complicated and cumbersome process. I could not have been more wrong. Alex and everyone at LBC Mortgage made the process really simple and straightforward. Excellent company with people that really care about you.
Charles W
Charles W
06:52 23 Mar 21
If you are shopping online for mortgage or refinance, look no further. Seamless process and good communication. I am pleased with their fast response. They kept me updated with each phase of a process. Thank you LBC Mortgage.
Christiane BABINOT
Christiane BABINOT
07:40 03 Mar 21
People often ask me who I use for my own mortgages and refinances. Every time I recommend LBC Mortgage. They’re always working hard to stay one step ahead of the competition. To me, they’re more like family than my mortgage company. I’ve just closed my third deal with them and I can’t wait to see what the future holds.
Ahndray Hamilton
Ahndray Hamilton
09:06 18 Feb 21

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