East Coast Mortgage
Loan Programs

The Standard Option

Industry term: Conventional Loan

A conventional loan isn't backed by a government agency like the VA or FHA. It's the most common type of mortgage, and for buyers with solid credit and a reasonable down payment, it's usually the lowest-cost option overall.

Down payments can be as low as 3% for some conventional programs, though putting down 20% or more lets you avoid private mortgage insurance (PMI) entirely. Below 20% down, PMI applies, but unlike FHA's mortgage insurance, it typically cancels automatically once you've built enough equity.

Conventional loans come in fixed-rate and adjustable-rate versions, and in different terms (15-year, 30-year, and others). Because there's no single government agency setting the rules, lenders have more flexibility, which is exactly the kind of flexibility we use when shopping your file across our network.

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Common Questions

Do I need 20% down for a conventional loan?

No, that's a common myth. Some conventional programs go as low as 3% down, you'll just carry mortgage insurance until you build enough equity.

Fixed or adjustable rate, which is better?

It depends on how long you plan to stay in the home and your comfort with rate changes. We'll walk through both with your real numbers.

This is general information, not a commitment to lend. Rates, terms, and eligibility vary by lender and are subject to underwriting guidelines. East Coast Mortgage is an Equal Housing Lender, NMLS #2354674.