Conventional home loans

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Today’s mortgage rates
All rates shown are Annual Percentage Rate (APR).*

Get to know this loan

Conventional mortgages are the most popular home loan option. If you have fair or better credit, can cover a 3%1 down payment and have a debt-to-income2 ratio of 49% or lower, this may be a good option for you.

Conventional loans are available with either fixed-rate or adjustable-rate options, and they come in 10-, 15-, 20- or 30-year terms.

Is this the loan for me?

I have fair or better credit and want a lower interest rate

I have fair or better credit and want a lower interest rate

I have at least 3% for a down payment

I have at least 3% for a down payment

I am comfortable with PMI if I don’t have 20% to put down

I am comfortable with PMI if I don’t have 20% to put down

No surprises — estimate your payment

No surprises — estimate your payment

Ready to know how much home you can afford? Just enter some basic information into the mortgage calculator below to estimate your total monthly payment, including principal and interest, monthly property taxes, fees and insurance.

Results from this calculation are hypothetical and are for illustrative purposes only. Calculators should be used as a self-help tool only and do not consider the impact of fees that may apply. Results may not be applicable to your individual situation and do not constitute an offer. We encourage you to seek advice and guidance from a qualified professional regarding all personal finance issues. Actual terms may differ.

Stress less with a conventional loan from Ent

Stress less with a conventional loan from Ent

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90-day Lock & Shop rates3

Get pre-approved, lock in your interest rate and shop with confidence.

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Lifetime loan support

We’ll be your contact for help. Have questions? You know who to call.

 

$500 guaranteed on-time closing4

You’ll close on your home on time, or we’ll owe you $500. Guaranteed.

 

Local expertise

With Ent, you’ve got local mortgage experts in your corner to guide you.

 

Stephanie Floyd, Mortgage Loan Officer at Ent Credit Union

Ask a local expert

Ask a local expert

If you want to make sure a conventional home loan is the best option for you, reach out to our mortgage experts. They’re happy to answer your questions, and have the local experience to recommend the best loan for your personal situation.

 

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Get free homebuying resources and tools

Get free homebuying resources and tools

Take advantage of our free tools, useful articles and more. You’ll stress less having the know-how you need to confidently achieve your goal of homeownership.

Conventional home loan FAQs

A conventional mortgage is any type of home loan that’s not secured by a government entity. FHA and VA loans are government loans secured by a federal entity and are therefore not "conventional." A conventional mortgage can have either a fixed or an adjustable interest rate.

Adjustable-rate and fixed-rate mortgages are similar in that they are both used to purchase and refinance property, but they come with different terms and conditions that can affect how much you pay monthly. A fixed-rate mortgage comes with a set interest rate that will not change over time. You will need to pay the same amount every month until the principal has been paid off in full.  

An adjustable-rate mortgage (ARM) has a fixed interest rate for a set number of years. The rate will then change periodically based on the inflation rate and the benchmark rate set by the Federal Reserve. If you sign up for an ARM, you might pay less in interest for the first 5-10 years, but your monthly payment may increase later on. You can refinance an adjustable-rate mortgage to fixed-rate before the initial period ends.  

The interest rate is the cost you pay each year to borrow money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. Mortgage rates are tied to the basic rules of supply and demand. Factors such as inflation, economic growth, the Federal Reserve’s monetary policy and the state of the bond and housing markets all come into play. Of course, a borrower's financial health will also affect the interest rate they receive.  

In general, the higher your down payment, the less interest you’ll have to pay on your loan. In most cases, lenders require a down payment of at least 3% of your target home price, but this will vary by loan type and lender. You can often save money on interest if you put down at least 10% of the home price and you’ll save the most if you put down at least 20%, which will help you to avoid private mortgage insurance fees. The average down payment on a home in 2022 was 13%, according to the National Association of REALTORS®.

Closing costs are the expenses you pay in addition to your down payment on a home. When you are buying a home, you generally pay all costs associated with that transaction out of pocket. However, depending on the contract or state law, the seller may end up paying for some or all of these costs. Common closing costs for a home include appraisal fees, taxes and homeowners insurance. You may also need to make mortgage loan interest payments for the interest accrued until your first payment is due. Closing costs can make up about 3%-6% of the loan amount. 

* APR - Annual Percentage Rate: An annual percentage rate is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate. Source: Consumer Financial Protection Bureau

All interest rates, qualification criteria and underwriting analysis is subject to the sole discretion of Ent Credit Union. This may include analysis of satisfactory insurance, appraisal and title reports. Additional conditions or exclusions may apply. Ent Credit Union reserves the right to cancel any offer or loan at any time.

1 3% down payment options are available for first-time home buyer programs and qualifying conventional loans. Financial details of each loan are based on an individual’s credit score, assets, debt, and overall financial situation. Loan requirements are subject to change at Ent’s sole discretion.

2 Mortgage criteria shown such as DTI, credit score, down payment/LTV, terms, and other qualifications are intended for general education and awareness of guidelines for each product and program. For information on how to calculate your DTI, please see this resource from Ent Credit Union. To understand how loan criteria relates to your unique situation, please contact a mortgage expert at Ent Credit Union to discuss your options. 

3 Lock & Shop is available on fixed-rate mortgage loans, excluding all refinance types and CHFA loans. This allows you to shop for your home and close your loan, for a total of 90 days of rate increase protection, all at no cost to you. Additional conditions or exclusions may apply. Please refer to Ent’s Important Loan Information and Mortgage Rate Lock Information for more information.

4 $500 Mortgage Closing Guarantee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on purchase mortgage loans with closing dates set for a minimum of 30 days after the original purchase contract is signed. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no less than two (2) business days after application receipt. Loan closing is subject to underwriting approval. Closing guarantee is not applicable if: a) borrower changes loan products or terms, b) closing is delayed due to seller’s failure to close on time, c) borrower fails to meet contract requirements, d) closing is delayed due to a third party requirement, including appraisal and inspection, e) closing date is not included in the contract, f) closing is delayed due to inclement weather or natural disaster, or g) loan documentation or application contains fraudulent information. Ent reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Guarantee paid in the form of a $500 credit on the settlement form at closing.

Standard account and credit qualifications apply. All loans subject to final credit approval. Rates and terms are subject to change without notice and are dependent upon credit performance. Visit Ent.com/Legal to review Ent’s Important Loan Information and Disclosures.

Financing available on homes in Colorado. Property insurance is required. Consult a tax adviser for further information regarding deductibility of interest and charges.

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