Question 1

What's the monthly payment on a $750K conforming loan at 5.875%?

Accepted Answer

Principal and interest run $4,437 per month. Add property taxes, insurance, and HOA fees to get your total payment. This scenario assumes a $750K loan, $937,500 purchase, 20% down, 740 FICO, 30-year fixed, locked April 13, 2026.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI is required and your rate may be higher. At 78% LTV, PMI cancels automatically under the Homeowners Protection Act.

Question 3

What credit score do I need to qualify for a conforming loan in San Leandro?

Accepted Answer

740 FICO is the floor for the best rates. Lenders accept 680-720 FICO but charge higher rates. Below 680, conforming becomes difficult; FHA at 580 FICO is the alternative.

Question 4

How long does it take to close a conforming loan in San Leandro?

Accepted Answer

Brokers typically close in 30-45 days. Retail banks may take 45-60 days. Appraisal, title work, and underwriting are the slowest steps. A 30-day rate lock covers most closings.

Question 5

Can I refinance later if rates drop below 5.875%?

Accepted Answer

Yes. Conforming loans have no prepayment penalty. Refinancing costs 2-5% of the loan amount in fees and closing costs. Rates would need to drop 0.75-1% to make refinancing worthwhile.

Conforming 30-year fixed mortgages in San Leandro: lock in 5.875% today