Conventional Loans
Carrington Mortgage Services has a variety of conventional loan programs available with features, terms and benefits to meet our customers' specific needs.
Features:
- Maximum loan amounts (may vary by location):
- One family dwelling $417,000
- Two family dwelling $533,850
- Three family dwelling $645,300
- Four family dwelling $801,950
Terms:
- 30 year fixed rate*
- Monthly principal and interest payment never changes
- Safety and security in knowing what your payment will be in the future
- 15 year fixed rate*
- Monthly principal and interest payment never changes
- Safety and security in knowing what your payment will be in the future
- Loan will be paid off in half the time as a 30 year fixed rate loan
- While the monthly payment is higher than a 30 year fixed rate loan, the interest rate is typically less
- 5 year adjustable (ARM)
- Initial interest rate adjusts and becomes variable after the 5 year fixed rate period
- Lower interest rate than 30 year fixed rate loan during the first 5 years
- 7 year adjustable (ARM)
- Initial interest rate adjusts and becomes variable after the 7 year fixed rate period
- Lower interest rate than 30 year fixed rate loan during the first 7 years
*Note:
A Carrington Mortgage Fixed Rate Loan may be the right choice for a refinance if:
- The interest rate on your current loan is higher than what is available now
- The interest rate on your current loan is adjustable and a fixed rate loan is preferred