What is a Conventional Loan?
Conventional Mortgage Loans are usually the first choice for borrowers with excellent credit. Conventional mortgage loans typically require a minimum down payment of 5% and often require mortgage insurance if the down payment is less than 20%. Conventional loans can have fixed or adjustable rates. The term is usually 15, 20 or 30 years.
While a conventional mortgage loan may be the right choice for you, you should discuss your purchase goals and financial situation with a mortgage loan specialist to compare all loan options available to you. We will help you find the best mortgage loan option to meet your personal goals.