This type of mortgage loan is no more than 80% of the appraised home value, therefore requiring a down-payment of at least 20%.
The biggest benefit from a conventional mortgage is that you have more equity in your home right away due to the larger down payment. This kind of loan would also make it more likely for you to be eligible for a Home Equity LoC in future.
|
Type
|
Term
|
Rate
|
|---|---|---|
|
First Mortgage
|
1 year closed
|
6.15%
|
|
2 year closed
|
5.99%
|
|
|
3 year closed
|
5.10%
|
|
|
5 year closed
|
4.99%
|
|
|
1 year open
|
9.00%
|
|
|
Second Mortgage
|
1 year closed
|
7.15%
|
|
2 year closed
|
6.99%
|
|
|
3 year closed
|
6.10%
|
|
|
5 year closed
|
5.99%
|
|
|
I year open
|
10.00%
|