1. Conventional loans A conventional loan is any mortgage that’s not backed by the federal government. Conventional loans have higher minimum credit score requirements than other loan types — typically 620 — and are harder to qualify for than government-backed mortgages. Borrowers who make less than a 20% down payment are typically required to pay private mortgage insurance (PMI)…

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Getting a home equity line of credit (HELOC) can be a great way to pay for home renovations, help pay for a child’s college tuition, or finance other important financial goals. Unlike a traditional mortgage loan though, where you are loaned a lump sum and then immediately start paying it back, a HELOC is more…

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