Question 1

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

Accepted Answer

At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. Add property taxes, insurance, and HOA fees—roughly $1,200-$1,500 more depending on the exact property. The full payment is typically $5,600-$6,000 monthly.

Question 2

Do I need 20% down to avoid PMI?

Accepted Answer

Yes. 20% down is 80% LTV, which eliminates PMI entirely. You can put down 5-15% and carry PMI, but it adds $150-$300 monthly and never cancels unless you refinance. At 20% down, there's no insurance and no rate penalty—that's the cleanest path.

Question 3

What credit score do I need for a conventional loan in South San Francisco?

Accepted Answer

740 FICO minimum for the best rates and terms. Some lenders go down to 680-700 with compensating factors (large reserves, lower debt-to-income), but you'll pay a higher rate.

Question 4

How long does it take to close a conventional loan here?

Accepted Answer

Typically 21-30 days from application to funding. Brokers often close faster than retail banks because they don't manage retail deposits. South San Francisco's market is competitive, so lenders prioritize speed.

Question 5

Can I cancel PMI if I put down less than 20%?

Accepted Answer

Yes, but only by refinancing. PMI cancels automatically at 78% LTV under the Homeowners Protection Act, but that requires your home to appreciate or you to pay down the loan. Refinancing costs $3,000-$5,000 in fees and takes 3-4 weeks.

Conventional 30-year fixed mortgages in South San Francisco: 5.875% with 20% down