Conventional Fixed-Rate Loan
Through this traditional method of financing a home, your interest rate remains the same for the term of the mortgage, which keeps your monthly principal and interest payment steady. And if you're able to contribute a 20-percent down payment or more, you may be able to avoid the cost of private mortgage insurance.
Features
- Amortization periods: 30, 20 and 15 years
- Fixed/level payment of principal and interest for the life of the loan
- May require private mortgage insurance (PMI) for an amount more than 80 percent of the purchase price
- Maximum amount: $417,000