Licensed in NH, ME, MA, & CT


Conventional loans are private-sector loans that are not government-backed. They are also the most common type of loan. Conventional loans follow guidelines set by Fannie Mae and Freddie Mac.

As these loans are not government-backed, there is no guarantee to the lender if a borrower defaults, and so requirements are more stringent. However, if you have good credit and have money set aside for a down payment, conventional loans are very affordable in the long term, and could be a wise investment.

10 year and 15 year

These loans accumulate equity very fast. These loans typically have some of the lowest rates of any mortgage, and are ideal if you can afford the monthly payments. If you are looking to own your home and get the most out of your investment quickly, a 10 or 15 year mortgage is the way to go.

30 year

While these loans build equity more slowly and have slightly higher interest rates than 15 year loans, their long lifespan translates to much lower monthly payments. If you plan to be in your home for a long time, a 30 year mortgage may be right for you. These are also a great tool allowing you to invest the monthly savings in other investment instruments like your 401k, a 529 plan for the kids, stocks, bonds, or mutual funds.

To pre-qualify, or for any questions you may have about conventional mortgages, talk to a Blue Water Mortgage broker today.

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