Conventional Loans

Conventional Mortgage Loans from Arvest Bank

Flexible Loans with a Variety of Options

Conventional mortgage loans are not backed by a government entity (such as the Federal Housing Administration). Requirements for these loans are determined by:

  • Down payment amount
  • Borrower's credit score
  • Amount of the loan (available in amounts from $10,000 to $417,000)
  • Borrower's income

Conventional mortgage loans are flexible:

  • Term can range from 5-30 years
  • 95% loan to value with 100% gift down payment feature

Most conventional loans offer the choice between a fixed or adjustable interest rate. When trying to determine if a fixed or adjustable rate best suits your situation, consider the following:

Fixed-Rate Mortgage

  • Typically a 15- or 30-year loan term
  • Payment remains the same over the life of the loan
  • Locks in an interest rate, protecting against an increase in rates
  • Good choice if staying in your home for an extended time

Adjustable-Rate Mortgage

  • Rate/Payment is locked in for the first 3, 5 or 7 years
  • After the initial term, rate adjustments occur annually
  • Offers a lower initial interest rate
  • Can be a good option for borrowers who plan to sell or refinance once the initial term has expired.
APPLY ONLINE FIND A LENDER

For More Information Call Us or Visit A Branch

  • Find your local arvest branch