Refinance Your Mortgage on Better Terms
Refinancing can help you lower your rate, reduce monthly payments,
or tap into your home’s equity without selling or moving.
Refinance Options Based on What You Need
Refinancing can help you pay less each month or turn home equity into cash. These are the two most common ways homeowners do it.
Rate & Term Refinance
Perfect for the borrower who wants to lower their monthly bill or switch from an Adjustable Rate (ARM) to a Fixed rate for long-term security.
Eliminate Private Mortgage Insurance (PMI)
Switch to a 15-year term to save $100k+ in interest
Lock in a stable rate for 30 years
Cash-Out Refinance
Turn your equity into liquid capital. Use it to consolidate high-interest debt, fund a business, or finally start that kitchen remodel.
Consolidate 20%+ APR Credit Cards
Liquid cash for business investment
Add value with home improvements
Mortgage Payment Calculator
Estimate your monthly mortgage payment using home price, down payment, interest rate, and loan term. Get a quick principal and interest estimate for your home buying budget.
Minimum requirements for optimization.
Loan-to-Value (LTV)
You may be able to borrow up to 97.5% of the home’s value, depending on the program and qualifications.
Credit Profile
No minimum credit score is required. Loan approval is based on the overall borrower profile.
Income Verification
W-2s, 1099s, or bank statements accepted. Business owners may qualify using alternative income documentation.
Frequently Asked Question
Gather these documents to speed up your
pre-approval process.
What is the minimum credit score for a conventional loan?
There is no standard minimum credit score set by Fannie Mae or Freddie Mac. Approval is based on the full loan profile, and some borrowers may qualify without a traditional credit score.
How much down payment is required for a conventional loan?
Conventional loans can require as little as 3% down for qualified first-time buyers. Repeat buyers usually put down 5% to 20%, depending on the loan structure and financial profile.
Does a conventional loan require private mortgage insurance (PMI)?
Yes, if you put down less than 20%, PMI is required. The good news is that PMI can be removed once you reach 20% equity in your home, lowering your monthly payment.
Can I use a conventional loan for an investment property?
Yes. Conventional loans can be used for primary residences, second homes, and investment properties (1–4 units). FHA loans, by contrast, are limited to primary residences only.
How does a conventional loan compare to an FHA loan?
Conventional loans are typically better for borrowers with strong credit and lower debt. They often have lower lifetime costs and allow PMI removal. FHA loans may be more suitable for borrowers with lower credit scores or smaller down payments.
Your first home starts right here.
Our loan specialists guide you through the process,
from credit repair tips to finding the right
down-payment assistance programs.
MLO License Info: NMLS# 1621958, NH Broker license # 1621958MBRR, and MA Broker license # MB1621958, ME Broker License # 1621958, FL Broker License MBR4542 Copyright Nextgen Mortgage Inc. All Rights Are Reserved
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