A couple is smiling together while sitting on a couch in their new home and toasting champagne.

Conventional Mortgage Loans

Enjoy competitive interest rates and choose the term that best meets your needs.

APPLY FOR A CONVENTIONAL LOAN

See the Benefits of a Conventional Mortgage

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    Competitive Interest Rates

    Offering you a low APR plus your choice of a fixed-rate or adjustable-rate mortgage.

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    Terms to Suit Your Budget

    Choose a short term to pay your mortgage off faster or a longer term for a lower monthly payment.

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    Affordable Down Payment

    Put down as little as 5% with private mortgage insurance, or over 20% if you want no PMI.

★★★★★

“I have nothing but good things to say about NextMark Credit Union. I have applied for HELOC and got approved in one week. So fast. Overall, very good care and amazing service taken by NextMark Credit Union. I am planning to shift my home loan to NextMark credit union.”

V.K.

FAQs About Conventional Mortgage Loans

A conventional mortgage is the standard mortgage offered by a private lender, such as your local credit union or other financial institution.

With a conventional mortgage, your lender is assuming the risk in case you can’t pay. This is different from programs such as the Veteran Affairs (VA) Loan or the Federal Housing Administration (FHA) Loan, which are partially backed by the federal government so a private lender is taking less risk.

Most conventional mortgages will require a certain credit score to qualify. For VA or FHA loans, the criteria are different and you may qualify with a lower credit score.

A conventional mortgage means you get to choose your type of interest and term, and you choose whether you get a home inspection. Your lender may or may not ask you to get your home appraised to check that the purchase price matches the market valuation.

With a FHA or VA loan, there are strict requirements to pass the appraisal process. For this reason, some sellers may prefer not to sell to a buyer who is using these loans. They might prefer a buyer who has a conventional loan.

A fixed-rate mortgage means you’ll pay the same interest rate throughout the life of your loan. This is a great idea if market rates are low when you secure your loan because you’ll be protected if rates go up. On the other hand, market rates could fall below your fixed rate and you’ll be stuck with it unless you do a home refinance for a lower rate.

An adjustable-rate mortgage (ARM) means you agree to a relatively low interest rate for a certain number of years. In that time, your rate may be lower than for a fixed-rate mortgage.

You might be able to choose to stay at a fixed rate for three, five, or 15 years. In that time, your monthly payments will be quite low.

Once the fixed-rate period ends, your rate will go up and down with the market and you may start paying more interest than if you had chosen a fixed-rate mortgage.

Though a home loan is a big responsibility, paying your mortgage is as easy as paying any other bill. Set up automatic payments from your checking account or use a convenient online portal to make payments before the due date.

Other Great Loan Options from NextMark CU

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    Home Loan Refinancing

    A refinance is like getting a whole new mortgage. You might get a lower monthly payment through a lower interest rate. You can also change the term, or tap into equity.

    Learn More

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    Home Equity Loan

    Your equity is the market value of your home minus your mortgage balance. Use that cash for renovations, college tuition, a dream vacation, or any other purpose.

    Learn More

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    HELOC

    A Home Equity Line of Credit lets you access cash when you need it and pay interest on only what you use. Choose your draw period then start ticking off your to-do list!

    Learn More

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