Adjustable Rate: Your rate is fixed for a set number of years and then adjusts annually each year after the fixed period expires.
• 3-year fixed
• 5-year fixed
• 7-year fixed
• 10-year fixed
YOUR DOWN PAYMENT OPTIONS
Conventional loans require a minimum of:
• 5% down payment for a primary residence
• 10% for a second home
• 20% for an investment property
WHAT ABOUT MORTGAGE INSURANCE?
If you put less than 20% down on a conventional loan, it will require mortgage insurance. Mortgage insurance can be paid either monthly, all at once, or financed into the loan. In general, mortgage insurance costs increase as a borrower’s credit score decreases.