Conventional home loans with our enlightened approach.
Let's get you into the home you've always wanted. Ideal for suitable clients looking to finance or refinance a traditional home with good credit and the means to offer a 3-20% down payment.
Best for Buyers with great credit and a standard size down payment.
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What is a conventional mortgage loan?
In conventional mortgage-speak, a lender offers a loan directly to a borrower. This loan is not backed by the federal government. Conventional loans can be conforming or non-conforming.
What's the benefit for me?
This loan is a benefit for buyers with good credit and standard debt-to-payment. A lower down payment is offered as an alternative to borrowers who are unable to offer less expensive private mortgage insurance for down payments less than 20%.
How can LitFinancial help?
LitFinancial's team of expert loan officers are extremely well-versed in every detail of conventional real estate. They can make the complex understandable and use their expertise to target you exceptional rates and get you in your new home.
Let's help make things clearer.
A conventional mortgage is a home loan that isn’t backed by the government. Banks and lenders set the rules, and you usually get better terms if your credit is strong.
Most lenders want at least a 620 credit score, but higher scores help you qualify more easily and get a lower interest rate.
You can put as little as 3%–5% down, but putting 20% or more lets you avoid PMI and lowers your monthly payment.
PMI is private mortgage insurance—extra protection for the lender when you put down less than 20%. You can remove it once you reach 20% equity, either over time or by getting a new appraisal.
Most lenders want your monthly debts to be 45% of your income or less. Sometimes they allow a bit higher if you have great credit or strong savings.
Rates depend on your credit score, down payment, loan type, and the market. Better credit and bigger down payments usually mean a lower rate.
Conventional “conforming” loans have a maximum amount you can borrow. If you need more than that, it becomes a jumbo loan, which has stricter requirements.
You’ll usually need pay stubs, W-2s or tax returns, and bank statements to show your income and savings.
Yes. Family members can give you money for your down payment—you just need a simple gift letter saying it’s not a loan.
Pre-approval takes minutes to a day. Closing on the actual loan usually takes about 30 days.
Conventional loans can be used for primary homes, second homes, or investment properties. Condos are allowed too—some just need extra approval.
Closing costs are usually 2%–5% of the loan amount. Sometimes you can negotiate for seller credits to help cover them.
Yes. You can refinance anytime if you qualify and it makes financial sense—like when rates drop or you want to remove PMI.
Get started with our quote tools.
Whether you’re estimating your mortgage costs, seeking to simplify and save through debt consolidation, or aiming to explore and compare various loan options tailored to your needs, our intuitive tools are here to guide you every step of the way.
No SSN required. Zero impact to credit. Your information is never sold.
Why choose LitFinancial?
Experience Matters
When it comes to loan officers, we are experienced experts and take pride in leveraging our knowledge to help you every step of the way.
Relentlessly Seeking Solutions
We are committed and passionate about helping borrowers find their best financial fit. We tap our trusted network to look at any and all options.
Advising You Like You’re Family
We are a mortgage partner that takes the time to listen to your needs and goals. We care about each client that tailor our advice for your best outcome.
We Are Your Advocate
Our loan officers are advocates throughout your lending journey. From finding the right mortgage plan, to proactively engaging with key stakeholders on your behalf.
Lit For Life
Our approach to advising is finding the best solution for each client’s life. We will also be there as your needs change through different life stages.
Leading the Industry
We are constantly modernizing lending models, streamlining treasury operations, and increasing transparency across mortgages. This allows us to bring innovative products and better service to you.
Chris Solinski, Branch Manager
“Nothing is impossible. The word itself says ‘I'm possible!’”