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Traditional Mortgage
Most mortgages fall into the category of a traditional mortgage, which allows you to buy a home or refinance your current mortgage.
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.
All mortgage loans are subject to credit approval.
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