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PURCHASE FINANCING

Conventional fixed-rate loans

A fixed interest rate can make principal-and-interest payments easier to plan over the selected term.

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A useful starting pointEvery mortgage has its own terms, costs, and qualification requirements. Use this overview to prepare questions and compare written loan estimates.

THE OVERVIEW

How this option works

A conventional fixed-rate mortgage keeps the interest rate set for the life of the loan. The principal-and-interest portion of the payment is generally stable, though taxes, insurance, and other escrow costs can change.

This loan type can be used for eligible home purchases and, depending on the product, refinances. Down payment, credit, income, property, and loan-size requirements vary by lender and program. A smaller down payment can mean mortgage insurance.

MAKE THE CONVERSATION COUNT

Questions to ask

Ask for the details in writing and compare the total cost, payment, and terms for your own scenario.

  • What term and down payment scenarios are available?
  • Would mortgage insurance apply, and how would its cost be handled?
  • What is the estimated cash to close and total cost over five years?
General information only. Program rules, rates, and lender availability can change. This page is not an offer, approval, or personal recommendation. Review current written terms with a qualified mortgage professional.

Official information: CFPB: Shopping for a mortgage ↗

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