Conventional Mortgage
Traditional home financing with competitive rates, for buying your first home or your next one. Decisions made locally by people who know this market.
Rates change. See Current Rates for today’s figures.
What a Conventional Mortgage Is
A conventional mortgage is not insured or guaranteed by a government program. That usually means fewer program restrictions on the property and the borrower, and it means the rate and terms rest on your credit, your down payment, and the property itself. It is the most common way people finance a home.
What You Should Know
Fixed or Adjustable
Choose a rate that stays the same, or one that can change over time.
Primary, Secondary, or Investment Property
Available for a main residence, and often for a second home or investment property.
Conforming Loan Limits Apply
Not restricted to designated rural or tribal areas the way some government programs are, though conventional loans are still capped by the conforming loan limit for your county, which is reviewed annually.
Mortgage Insurance
Required on any conventional loan with a down payment under 20 percent, or a loan-to-value above 80 percent.
Local Decisions
Underwritten and serviced here, not sold on to a servicer you have never heard of.
Talk to a Lender First
A short conversation before you shop tells you what you can actually offer.
What You Will Need
Every application is different, but a Waypoint lender will generally look at your income, your credit history, your existing debts, and how much you have for a down payment. Bring what you have and we will tell you where you stand.
- Proof of income and employment
- Recent bank and asset statements
- Your credit history
- There is no minimum credit score for a Conventional Mortgage.
Current Rates
First Mortgages
As low as
5.847%APR²
APR = Annual Percentage Rate. Rates effective 16 September 2026 and subject to change without notice. Monthly principal and interest is based on a $320,000 mortgage and excludes taxes and insurance, so the actual obligation is higher. Minimum loan $100,000, maximum $832,750, 720 minimum credit score, up to 80% loan to value, owner occupied single-family or conforming condo in CT or RI, first lien only. All loans subject to credit approval.
Apply for a MortgageView all first mortgage rates and payment examples
| Product | Term | Rate | APR | Monthly P&I |
|---|---|---|---|---|
| 30 Year Fixed Conventional | 30 Year | 6.25% | 6.309% | $1,970.93 |
| 20 Year Fixed Conventional | 20 Year | 6.25% | 6.329% | $2,338.97 |
| 15 Year Fixed Conventional | 15 Year | 5.75% | 5.847% | $2,657.31 |
| 10 Year Fixed Conventional | 10 Year | 5.75% | 5.888% | $3,512.62 |
Common Questions
As low as 3 percent down for standard conventional loans, including Fannie Mae and Freddie Mac options and special first-time buyer programs, for borrowers with good credit. A primary residence typically starts around 5 percent down. A second home or investment property generally requires 10 to 15 percent down. Putting 20 percent down eliminates private mortgage insurance and gives the lowest monthly payment.
That depends which option you choose. Fixed-rate loans keep the same rate for the life of the loan. Adjustable-rate loans start fixed and can change after that. A lender will walk you through both.
Talk it through with someone who lends here.
Local decisions. No obligation.
A short conversation before you apply tells you what you can realistically borrow and what it will cost. Book a time at any Waypoint branch, or start online and we will pick it up from there.
Important Disclosures
Equal Housing Lender. NMLS #404962.
APR = Annual Percentage Rate. Rates are accurate as of 16 September 2026 and are subject to change without notice. APR may be higher due to per diem interest.
Monthly principal and interest is based on a $320,000 mortgage and includes principal and interest only. It does not include insurance and taxes, so the actual payment obligation will be higher.
Minimum loan amount $100,000. Maximum loan amount $832,750. 720 minimum credit score and up to 80% loan to value for a qualified loan. Owner occupied, single-family home or conforming condominium in Connecticut or Rhode Island only. First lien position only. All loans are subject to credit approval.