Conventional Loan

A conventional loan is a mortgage that’s not issued by the federal government. There are two different types of conventional loans you can choose from: conforming and non-conforming loans.

• Conventional loans are fixed-rate mortgages which means your monthly payment remains the same throughout the entire life of the loan. The terms typically range from 10 to 30 years:

• 30-year fixed-rate mortgage

• 20-year fixed-rate mortgage

• 15-year fixed-rate mortgage

• 10-year fixed rate mortgage