Question 1

What's the monthly payment on a $750K conventional loan in Redlands?

Accepted Answer

At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. Add property taxes, insurance, and HOA if applicable. This assumes a 740 FICO, 20% down, 30-year fixed, primary residence.

Question 2

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

Accepted Answer

Yes. 20% down equals 80% LTV, which has zero PMI. Below 20%, PMI applies and cancels only when you hit 78% LTV through paydown or refinancing. At 15% down, you're paying PMI for years.

Question 3

Can I get a conventional loan with less than 740 FICO in Redlands?

Accepted Answer

Some lenders go to 680-700 FICO, but you'll pay higher rates and need 25-30% down. Most brokers and retail lenders prefer 740+ for the best pricing. Below 700, FHA becomes more competitive.

Question 4

How long does a conventional loan close in Redlands?

Accepted Answer

Typical timeline is 21-30 days from application to funding. Appraisals take 7-10 days. Underwriting is faster than jumbo but stricter than FHA. Clear title and clean credit speed things up.

Question 5

What if I want to put down 25% instead of 20%?

Accepted Answer

At 25% down, you're at 75% LTV—even better. Your rate stays the same, PMI is zero, and your monthly payment drops. You'll need $234,375 down on a $937,500 purchase instead of $187,500.

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