Conventional Loans

Need better rate options?

The Conventional loan offers a variety of interest rate options, as well as fewer restrictions. 

To qualify, you must meet these requirements:

  • Down Payment between 5% and 20% of the home value. As a first-time home buyer you may even be able to put down as little as 3%.
  • Your monthly mortgage payment combined with any other monthly debt (credit cards, student loans, car payments) should not exceed 45% of your gross monthly income.


  • Lower interest rates
  • Lower closing costs
  • Lower fees
  • Flexible loan terms
  • Immediate equity in the property

Adjustable-Rate Mortgage (ARM)

For those who want to move with the market

Take advantage of the current market with an adjustable-rate mortgage from Race Day Mortgage. Your interest rate (and your payments) move with the economic index.

Some of our popular ARM solutions are a 5/1, 3/1, and 5/6. The first number is the number of years you will enjoy a fixed rate, agreed upon when you sign for your loan. The second number is how often the interest rate may adjust after the initial, fixed rate. When there is a 1, that means there could be an adjustment every year. A 6 means that the rate could adjust every six months. For example, with a 5/1 ARM, the rate is fixed for the first 5 years and then may adjust annually after that. When your rate adjusts, your payment is adjusted too.

30 Year Fixed-Rate Mortgage

For the long-haul homeowners

A 30 year fixed-rate mortgage is a popular option for homeowners who will be in the home for the long-haul. The loan spans 30 years, with the same interest rate throughout (hence “fixed-rate”). If you plan to stay in the home, then the 30-year fixed-rate mortgage is right for you. 

15 Year Fixed-Rate Mortgage

Pay off the loan quicker

A 15 year fixed-rate mortgage is similar to a 30 year fixed-rate in that your rate will stay the same throughout the loan. The obvious difference is the length of the loan; you will be able to pay off the mortgage in a shorter amount of time thus owning your home quicker. The other benefit to a 15-year fixed mortgage is you will pay less interest over time, because of the early pay-off. 

And don't forget...more options are available

Ask the Race Day mortgage experts for the solution that best fits your financial plans.

How it Works