Fixed Rate Conventional Loans

15-, 20-, 30-Year Fixed Loan

fixed rate

30-Year Fixed

A 30-year fixed conventional loan is a loan that has the same mortgage payments for 360 months.

Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.

20-Year Fixed

This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30-year fixed rate loan, monthly payments for this type of loan are higher than the 30-year fixed rate loan. Some Lenders allow for a lesser rate.

15-Year Fixed

This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30-year fixed rate loan or the 20-year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed," the greater the risk to the lender, therefore, in most instances, interest rates on 15-year fixed rate loans are slightly lower than on 20- or 30-year fixed rate loans.


  • 5% minimum down payment required on purchase

  • Minimum credit score - usually 620

  • Post- bankruptcy: can qualify after 4 years

  • Post-foreclosure: can qualify after 7 years

  • Post-short-sale: Can Qualify after 2 years (LTV restrictions may apply)

Free Rate Quote!

Get free rate quote and closing cost analysis. Use our 3 Step form to get started!

Step

Step1 rates

Step

Step2 rates

Step

Step3 rates


By clicking "Submit" above, I understand and agree to the following terms and conditions.

What Clients Say About Us

Providing Expert Mortgage Solutions Across California

At California Mortgage & Realty, we specialize in providing tailored mortgage solutions for homebuyers, real estate investors, and homeowners across California. Whether you’re purchasing your first home, refinancing your existing mortgage, or looking for investment property financing, our team is here to help.

We offer a variety of loan programs, including conventional, FHA, VA, jumbo, and refinancing solutions. Our team works diligently to secure the best mortgage rates and terms for our clients, ensuring a smooth and hassle-free loan process.

Below are some of the cities we serve, but we aren't limited to these locations: