Question 1

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

Accepted Answer

At 5.875% APR on a $750,000 loan, principal and interest run $4,437 monthly. That's on a $937,500 purchase with $187,500 down (20% down payment). Add property taxes, insurance, and HOA if applicable.

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 is required and doesn't cancel until you hit 78% LTV through paydown or refinance.

Question 3

What credit score do I need for conventional in Santee?

Accepted Answer

Minimum 620 FICO, but lenders pricing competitively want 680+. At 740 FICO with 20% down, you qualify for the best rates. Each 20-point increase in FICO typically saves 0.125% in rate.

Question 4

How long does a conventional close take?

Accepted Answer

Conventional loans in San Diego County close in 30–45 days. Appraisal and title work run standard timelines. Brokers sometimes close faster than retail banks because they have multiple lenders to choose from.

Question 5

Can I put down less than 20% and still get a good rate?

Accepted Answer

You can put down 3%–19%, but PMI kicks in and your rate may rise slightly. At 10% down, PMI runs $300–$400 monthly and doesn't cancel until 78% LTV. 20% down eliminates that cost entirely.

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