Available Conventional Loans
A conventional mortgage loan is not offered or backed by the federal government. Instead, homebuyers secure a conventional mortgage loan from a private lender. You can choose from two types of conventional mortgage loans:
Fixed-Rate Loans A fixed-rate loan allows you to choose an interest rate that won't change over the life of your loan. You can also select a term length ranging from 10 to 30 years. A fixed-rate loan protects homebuyers against rising interest rates, making it a good option if you plan to stay in the home long-term.
Adjustable-Rate Loans An adjustable-rate loan has a variable interest rate after an initial fixed period. Once the fixed-rate period ends, your interest rate changes with the market. Adjustable-rate loans can be a viable option if you plan to sell the home in a few years.
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