Question 1

What credit score do I need for a conventional loan in Pacific Grove?

Accepted Answer

You need at least 620. Aim for 680 or higher to get competitive pricing on a coastal property.

Question 2

Can I avoid PMI on a conventional loan here?

Accepted Answer

Yes. Put 20% down and PMI never applies. You can also cancel it later once you reach 20% equity.

Question 3

Are conventional loans available for older homes in Pacific Grove?

Accepted Answer

Yes, but older homes face closer appraisal review. A pre-inspection reduces the risk of surprises in underwriting.

Question 4

How does the conforming loan limit affect buyers in Monterey County?

Accepted Answer

Monterey County qualifies as a high-cost area with elevated conforming limits. Staying under that limit keeps you in conventional pricing.

Question 5

Should I choose a fixed rate or ARM right now?

Accepted Answer

If you plan to stay 7+ years, a fixed rate gives certainty. ARMs make sense for shorter time horizons. Rates vary by borrower profile and market conditions.

Question 6

Why use a broker instead of my bank for a conventional loan?

Accepted Answer

We shop 200+ wholesale lenders. Banks show you their one rate. One call to us covers the whole market.

Conventional Loans in Pacific Grove, CA