When you're just starting the mortgage application process, you may be confused about all the options available. A conventional mortgage loan is a popular choice for many people.

A conventional mortgage is offered by a bank and is not insured by the federal government. This makes it a slightly higher risk for the bank, so the qualifications are more stringent. A conventional loan may require a higher down payment or a lower debt-to-income ratio. Like other types of mortgages, the interest rate you pay is based on several factors such as your credit score, down payment, or amount of equity. A conventional mortgage could have a fixed rate or an adjustable interest rate