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Down payment
Some eligible buyers can put less than 20% down. We’ll explain how that changes the payment.
Some eligible buyers can put less than 20% down. We’ll explain how that changes the payment.
LOAN OPTIONS / CONVENTIONAL
A conventional mortgage for your home.
Buying a home or refinancing? A conventional loan offers different terms and down payment options. We’ll help you understand what they mean for your budget.
What to compare with a conventional loan
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Down payment
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Mortgage insurance
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Loan term
Conventional or FHA? Compare the full cost.
A smaller down payment is only part of the decision. Ask us to compare both options using the same home price and loan term.
FHA
Government-insured financing with an upfront mortgage insurance premium and ongoing premiums.
Ask how mortgage insurance affects your cash needed at closing and your full monthly payment.
Conventional
This page
Financing that is not insured or guaranteed by a government agency.
Private mortgage insurance is usually required with less than 20% down. Ask about its cost and the conditions for removing it.
Eligibility, mortgage insurance and loan terms depend on your application and the program. Ask for a written Loan Estimate before deciding.
Conventional home loans
Your plans for the home
Conventional loans can be used for eligible purchases and refinances. Tell us whether the home will be your primary residence, a second home or an investment property; that affects the loan options.
Down payment and mortgage insurance
You don’t always have to put 20% down. Some conventional programs allow less for eligible buyers. A smaller down payment can mean private mortgage insurance, so we’ll look at the payment and cash needed at closing together.
Compare the complete cost
Bring your income, savings and debt information. We’ll explain the documents needed and compare conventional financing with FHA or another relevant option. The home, credit review and current program rules still matter.
See it with your numbers
Try a price and down payment. Add the rate from your quote to see principal and interest.
- Down payment
- 10.0%
- Loan amount
- $270,000
- Principal and interest, 30 years
- Add your rate
Before taxes, insurance and mortgage insurance. Not a quote or a commitment to lend.
Open the full calculator
Before you call
Tick off what you have. You can start without all of it.
“He is very knowledgeable, down to earth, and easy to talk to.”
Cole Whitehouse
Common questions
Still wondering about something? Call (517) 580‑5050 and we’ll walk through it with you.
Let’s see what conventional financing would cost.
Call with the home price and down payment you’re considering. We’ll go through the payment, mortgage insurance and closing costs.
Talk to us
What to expect when you call
Your questions answered by a local loan officer
Options compared using your own numbers
A clear next step, with no obligation to apply
(517) 580-5050
114 W Main St, DeWitt
Loan approval is subject to credit, property and underwriting requirements. Some loan products may not be available in all states. Terms, rates and fees are subject to change. This website is not a commitment to lend.
Important mortgage disclosures
Payment estimates
Calculators are educational tools. Results use your inputs and assumptions and are not a rate quote, Loan Estimate, preapproval or guarantee. Actual payments and costs may differ. Include taxes, insurance, mortgage insurance and association dues where applicable.
Refinancing and home equity
Refinancing can involve closing costs and may increase total interest or extend repayment. A lower monthly payment does not necessarily mean a lower total cost. Compare the proposed terms with your existing loan. Borrowing against your home puts your home at risk if you cannot repay.
Application and account access
Apply now and Sign in lead to ShayMak’s existing external application portal. Review that portal’s privacy policy and terms before submitting personal or financial information. An application does not guarantee approval or a specific rate.
Company and licensing
ShayMak Mortgage, LLC. NMLS #1989312. Equal Housing Opportunity. Review current company and individual licensing information through NMLS Consumer Access. Program eligibility and availability depend on your situation and location.