Question 1

What's the monthly payment on a $750,000 conforming loan at today's rate?

Accepted Answer

At 5.875% on a $750,000 loan, principal and interest run $4,437 per month. Add property taxes, insurance, and HOA fees — typically $1,200–$1,500 more. The full housing payment usually lands around $5,600–$6,000 depending on your property.

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%, PMI kicks in and costs 0.5–1.5% of the loan amount annually. At 15% down on a $750K loan, that's roughly $5,600–$11,200 per year in insurance you don't pay at 20% down.

Question 3

Can I get a conforming loan with less than 20% down in Redlands?

Accepted Answer

Yes. Conforming loans accept 3% down with 740+ FICO. You'll carry PMI until you hit 78% LTV through automatic cancellation, or request cancellation at 80% LTV.

Question 4

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

Accepted Answer

30–45 days is typical. Brokers often close in 30–35 days because they're not held up by internal bank processes. Banks may take 40–45 days. Clean credit, stable income, and organized documentation speed things up.

Question 5

Is a conforming loan better than FHA for a Redlands buyer?

Accepted Answer

At 20% down, yes — conforming has no insurance, FHA charges it for 11 years. Below 15% down, FHA's insurance is cheaper than conventional PMI. Above $832,750, jumbo rates are higher.

Conforming 30-year fixed mortgages in Redlands: 5.875% on $750K purchases