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The fixed rate mortgage is the traditional method for borrowers. It allows the principal and interest payments to be amortized over the term of the loan and each monthly payment is equal. The advantage of a fixed rate mortgage is that your principal and interest payment on the loan will be the same for the life of the loan.

Types of Conventional Mortgage Loans:

30 Year Fixed Rate - The 25 to 30 year purchase and refinance programs are non-assumable loans that are available with conforming and jumbo maximum loan amounts. Eligible properties include single family residences, 2 to 4 units, PUD's and condos, second homes and investor properties.

20 Year Fixed Rate - This is a 20 year purchase and refinance program that is non-assumable. This program is available with conforming and jumbo maximum loan amounts. Eligible properties include single family residences, 2 to 4 units, PUD's and condos, second homes and investor properties.

15 Year Fixed Rate - The 10 to 15 year purchase and refinance programs are non-assumable loans that are available with conforming and jumbo maximum loan amounts. Eligible properties include single family residences, 2 to 4 units, PUD's and condos, second homes and investor properties.