Question 1

What's the monthly payment on a $750,000 conforming loan in Salinas?

Accepted Answer

At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. Add property taxes, homeowners insurance, and HOA if applicable.

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. Below 20% down, PMI is required and stays until you hit 78% LTV. At 10% down, PMI cancels automatically after 11 years of on-time payments.

Question 3

Can I get a conforming loan with less than 740 FICO?

Accepted Answer

Conforming loans typically require 740+ FICO for the best rates. Some lenders go as low as 680 FICO, but your rate climbs 0.5–1% and you'll need 25% down instead of 20%. Call to discuss your specific score.

Question 4

How does conforming compare to jumbo at $750,000 in Salinas?

Accepted Answer

Conforming sits $994,750 under the limit, so no jumbo premium applies. Jumbo loans above that limit carry 0.25–0.5% higher rates and require 20% down plus 6–12 months reserves. At $750K, conforming is the simpler choice.

Question 5

What's the lock period and how does it work?

Accepted Answer

Your rate locks for 30 days while the appraisal and underwriting happen. If closing takes longer, you can extend the lock for a fee. Most Salinas closings finish within 30–40 days, so the standard lock covers you.

Conforming 30-year fixed mortgages in Salinas: 5.875% rates for $750K loans