Professional Mortgage Associates 

Real Estate Broker | Mortgage Corporation
DRE License:  01902537
NMLS ID:  815819
Sacramento, California
866-873-8535 | 916-442-1459
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Fixed Rate Conventional Loans

15, 20, 30 Year Fixed Loan

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% 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-shortsale: Can Qualify after 2 years (LTV restrictions may apply)

We take pride in providing you with excellent service and appreciate the opportunity to assist you with your mortgage needs. 

Licensing

CA Bur of Real Estate – Real Estate Broker
NMLS# 815819
DRE Lic# 01902537

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Contact Info

Professional Mortgage Associates
1231 I St. Suite 203
Sacramento, CA 95814
Phone: 866-873-8535 | 916-442-1459
Fax: 916-442-4526
Email: admin@profmortgage.com

    

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