is a conventional home loan right for me?
Conventional home loans are the most common type of mortgage. A conventional mortgage is available with either a 15- or 30-year term so you can choose the term that works best for you. Of course, our experts can help you understand all of this, but here’s a quick breakdown to get you started.
Which term length should I choose?
While both term lengths are great options, there are pros and cons with each. A 15-year term allows you to pay off your home sooner. The shorter term will give you a higher monthly payment, but you will pay less interest throughout the life of the loan. If you are looking for a mortgage with a lower monthly payment, the 30-year term may be a better option, though you will pay more interest over time.