A conventional mortgage offers you a set rate and payments that do not change throughout the life or “term”, of the loan. A conventional loan is fully paid off over a given number of years, usually 15, 20 or 30. A portion of each monthly payment goes towards paying back the money you borrowed, the “principal”, and the rest is “interest”. Any money paid into the value of the house, including your down payment, is known as “equity” in the home. For instance, if your house is worth $100,000 and you owe $65,000 on your mortgage, then you are said to have 35% equity in your house.

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Randy Reed - Senior Loan Officer

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