Is this 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 may be one that is better for you than the other. 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 through the life of you 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.