If you’re looking for monthly mortgage payments that stay the same throughout the course of your loan, then a 30-year fixed-rate Conventional mortgage is a great choice.
Conventional Loan Requirements
- Purchase a primary residence with as little as 3% down
- Credit scores as low as 620 may be accepted
Benefits and Details
- Consistent monthly payments based on principal, interest rate, and amortized interest over the life of the loan (monthly payments may include taxes and insurance)
- Pay off your mortgage at any time without any prepayment penalties
- Refinance up to 95% of the value of your primary residence
- Loan terms can range from 10 to 30 years
- Available for purchase, refinance, or cash-out refinance
- Adjustable-rate mortgages (ARMs) also available