Conventional loans. More room to choose.
Understand conventional mortgage options, down payments, mortgage insurance, and the questions to ask before choosing a loan.
Talk through your optionsA flexible place to start
A conventional mortgage is a home loan that is not insured or guaranteed by a federal government program. It can be a useful starting point when comparing purchase or refinance options. Conventional loans may be conforming or nonconforming; the right fit depends on the property, loan amount, credit profile and overall financial picture.
Rather than selecting a program by its name alone, compare the complete offer: monthly payment, cash to close, mortgage insurance, interest rate, annual percentage rate and how long you expect to keep the loan.
What to compare
| Decision | Why it matters |
|---|---|
| Down payment | Some programs permit smaller down payments for eligible borrowers. A larger down payment can change pricing and mortgage insurance. |
| Mortgage insurance | Private mortgage insurance may apply, particularly with a down payment below 20%. Ask about cost and cancellation rules for your loan. |
| Conforming or jumbo | Conforming loan limits vary by year and location. A loan above the applicable limit may require a jumbo program. |
| Loan term | A shorter term may increase the monthly payment while reducing interest over the life of the loan. |
Bring the full picture
Start with income records, employment or business details, asset statements, existing debt payments and an approximate purchase budget. If your income varies, you have investment properties, or someone will provide gift funds, mention that early so documentation can be planned.
Your next step
Ask Harman to compare a conventional option with any government-backed programs for which you may be eligible. Request a clear explanation of the payment, upfront costs and assumptions behind each scenario.
FURTHER READING
CFPB: Understanding conventional loans CFPB: Understanding your Loan EstimateGeneral educational information. Your loan’s requirements and terms must be confirmed for your application. Content reviewed November 4, 2026.