A traditional mortgage, also known as a conventional mortgage, is the most common type of home loan and helps you buy, refinance, or build your home, a vacation home, a condominium, or an owner-occupied, 1–4 unit family property. Down payment options may be available from as low as 3%.
Traditional mortgages can be:
- Fixed-rate, which provides a set monthly principal and interest payment for the term of the loan.
- Adjustable-rate, which offers lower initial rates and payments.
- Balloon Reset, which offers another option if you are in the position of having to relocate often.
Talk to your lender about which option makes sense for your home dreams.
Start the mortgage process by applying for Mortgage Pre-Approval.
Mortgage pre-approval is a simple application process to determine if you qualify for a mortgage. Your credit and income information are the main factors taken into account. If you do qualify, a pre-approval has many benefits. It will let you know how much house you can afford and show home sellers you are serious about a home purchase.