A conventional mortgage is a typical mortgage most homeowners choose when refinancing or purchasing a new home. It includes a fixed-rate plan, which helps protect against rising monthly payments, and is available in a 15-year or 30-year option.
BENEFITS OF A CONVENTIONAL MORTGAGE
- Great for any type of property
- Variety of term lengths available
- Require less paperwork than other loans
- Fixed rate is locked in for the life of the loan
- Can pay taxes and insurance separately from mortgage