The best mortgage option for a first-time home buyer is a 15-year fixed-rate conventional loan.
The best mortgage option for a first-time home buyer is a 15-year fixed-rate conventional loan. Though the monthly payments are higher than 30-year loans, you’ll pay off your mortgage in half the time. Plus, most 15-year loans have a lower interest rate, and that interest rate will be locked in for the life of the loan.