Pros: Conventional mortgages generally pose fewer bureaucratic hurdles than FHA or VA mortgages, which may take longer to process because of the red tape.

And because these mortgages generally require higher down payments than the others, home equity can build up faster.

Picking out a mortgage suited to your needs can be confusing, especially if you qualify for more than one kind. Compare these three loan types before you go mortgage shopping.

Types of mortgages

  1. Conventional loans
  2. VA loans
  3. FHA loans
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