Conventional Mortgages

Advantages:

• The Conventional mortgage is the most common type of home mortgage loan and usually offers the lowest monthly payment.
• Conventional mortgage terms are usually 15, 20, or 30 years, however, terms for as few as 8 years are available.
• Down payments on conventional mortgages can be as low as 3%, but if your down payment is 20% or more, you will not have to purchase private mortgage insurance (PMI) and save even more on your monthly payment.
• If you plan on living in the home for only a few years, an Adjustable Rate Mortgage (ARM) can lock in the lowest interest rate for the initial fixed-rate period.
• If you plan on living in the home for 7 years or more and are looking for stable monthly payments, a Fixed-Rate Mortgage is likely your best bet.