BEST conventional rates right now!
Will be closing soon on my first house hack :) Decided to do do things a bit differently than the norm by going in with 20% on a conventional loan (to avoid PMI), and to put me at a better equity position to borrow against sooner. Current purchase and sales agreement price is $252,000. I'm locked in at a 30 year fixed rate of 4.625%. This seems pretty typical for a conventional 30yr fixed mortgage, does it not? I was told by the lender that no matter how much you put in on an FHA loan, you'd still have to pay mortgage insurance. Hence one reason I went conventional. Any other pros / cons to using this method assuming you have a comfortable cash position to support it? (FHA vs Conventional). Would love to hear all your thoughts about the matter! Thanks in advance
-Matt