Mortgage Programs

Conventional Fixed Rate Mortgage

Explore the various types of mortgage financing available to you.

The conventional mortgage is the most common. You take out a conventional fixed-rate mortgage at your lender for a 30 year, 20 year, or 15 year term. Needless to say, the shorter the period of payback, the larger the monthly payment. However, since you will be paying for a shorter period of time, and because the interest rate on these loans is lower, the shortest mortgage is usually the cheapest.

Loans greater than $417,000 (as of January 1, 2006) are called Jumbo Loans.  They cannot be sold to the two largest federal loan agencies, Fannie Mae and Freddie Mac.  Therefore, if you are borrowing at least this amount than you can expect to pay a slightly higher interest rate.