Designed for borrowers with good or excellent credit. Loan amount is generally limited to $548,520 for a single-family home, although amounts may be higher in regions where home prices are higher. Fixed and adjustable rate options are available. Loans with down payment requirements as low as 3.00%. No mortgage insurance required for loans with down payments of 20% or greater.
Dedicated loan advisor to help you every step of the way
Mortgage Service Guarantee —We'll close your loan on time or pay you $1,000
Fixed and adjustable interest rates available. Learn about the differences here.
Competitive rates and flexible terms
Cash out options available
Choose to purchase or refinance
Options available to tailor your mortgage to your specific situation
What You Need to Know
There are two kinds of conventional loans. One is a fixed rate mortgage and the other is an adjustable rate mortgage.
Fixed Rate Mortgage
The fixed rate option is best if you are planning to own your home for at least 7 years. For as long as you have your loan, the total amount of your principal plus interest will not increase.
Here are some additional benefits of a Fixed Rate Mortgage with Academy Bank:
- Rate protection - your rate stays the same even if mortgage rates go up.
- Payment stability - you will always know what your monthly payment will be.
- Budgeting ease - budgeting your mortgage expense is easier because your payment does not fluctuate.
- Earlier pay off - even with a fixed rate, you can make extra payments to pay off your loan sooner.
Adjustable Rate Mortgage
An adjustable rate mortgage is a loan with an interest rate that may fluctuate over time but only after an initial "fixed" period (typically 5 or 7 years).
Here are some additional benefits of an Adjustable Rate Mortgage with Academy Bank:
- Lower rates - during the fixed period, the interest rate is often lower than for other loans.
- Lower payments - when your interest rate is low, your payments will be lower too.
- Lower cost - if you are planning to own your home for only 5 to 7 years, this option keeps your payment lower.
- Rate caps - control how much your rate can increase.