Conventional Mortgage Loan
A conventional mortgage is a loan that is not guaranteed or insured by any government agency. Conventional mortgages may be fixed-rate or adjustable-rate mortgages. Most people choose a 30-year fixed rate loan, but loans are also available in 20, 15 and 10 year terms. Conventional mortgages typically require that a buyer have at least a 5 percent down payment. However, if a borrower can put 20% down they can usually get slightly better loan terms and can also avoid in some cases paying for private mortgage insurance (PMI). In addition, some programs allow qualified buyers to come up with as little as 3% down.
Integrity Mortgage Group can help you decide on the best mortgage program for your particular situation. Call today and let's explore all your mortgage options.