Question 1

What's the monthly payment on a $750,000 conventional loan in Del Mar?

Accepted Answer

At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. Add property tax, insurance, and HOA—total housing cost typically runs $6,200-$6,800 depending on your specific property.

Question 2

Do I need 20% down to avoid PMI?

Accepted Answer

Yes. 20% down (80% LTV) is the only way to skip PMI on a conventional loan. Below 20%, PMI applies until you reach 78% LTV through paydown or refinancing.

Question 3

What credit score do I need for conventional in Del Mar?

Accepted Answer

740 FICO minimum. Lenders above 760 get better rates. Below 740, you'll face rate penalties or denial. Most Del Mar buyers sit 760+.

Question 4

How long does a conventional close take?

Accepted Answer

Typically 21-28 days from application to funding. Brokers often close faster than retail banks. Del Mar properties sometimes require appraisal review due to price volatility, which can add 3-5 days.

Question 5

Can I put down less than 20% and pay PMI?

Accepted Answer

Yes. You can put down 5-19% and carry PMI. PMI cancels automatically at 78% LTV. On a $937,500 purchase, that's roughly 8-10 years of payments depending on home appreciation.

Conventional 30-year fixed mortgages in Del Mar: 5.875% with 20% down