First Principles Partners

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Loan Options

Which Loan Structure Fits Your Strategy?

While the most common loans are listed below, we will thoroughly discuss your options to determine the best fit for you.

Conventional 30-Year Fixed

The most common structure — predictable payments for 360 months. Best for buyers who value stability and plan to own the home for 7+ years.

  • Predictable payment for 30 years
  • Lower monthly payment vs. 15-year
  • Drop PMI at 20% equity
  • Best for long-term holds

15-Year Fixed

Pay off faster, build equity faster, pay significantly less interest over the life of the loan. Higher monthly payment, lower total cost.

  • Dramatically less total interest paid
  • Lower interest rate vs. 30-year
  • Builds equity at 2x rate
  • Forces disciplined savings

5/1 Or 7/1 ARM

Lower initial rate that adjusts after 5 or 7 years. A strategic, but potentially risky, tool for buyers with a defined exit timeline — not for everyone.

  • Lower initial monthly payment
  • Optimal if selling within 5–7 years
  • Can save tens of thousands
  • Rate caps limit downside exposure

FHA Loan

Government-backed loan allowing as little as 3.5% down. Higher mortgage insurance, but accessible for first-time buyers with less capital.

  • 3.5% minimum down payment
  • More flexible credit requirements
  • Good for first-time buyers
  • Lower bar to entry

VA Loan

Zero down, no PMI, competitive rates — for eligible veterans and active-duty service members. One of the least demanding loan options available.

  • 0% down payment
  • No PMI requirement
  • Competitive interest rates
  • No prepayment penalties

Jumbo Loan

For purchase prices above conforming loan limits ($766,550 in most areas). Requires strong credit, income documentation, and often 20%+ down.

  • Finance high-value properties
  • Competitive rates for strong profiles
  • Flexible structures available
  • Portfolio lender options
Tools for Financing

Debt Optimization

Mortgage Comparison Tool

Audit multiple loan scenarios side-by-side to find the optimal financing strategy and minimize total interest.

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Mortgage Payment Calculator

Model exact monthly obligations by factoring in principal, interest, taxes, and insurance (PITI) under current rate conditions.

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Access Tool

Refinancing Tool

Calculate the break-even point and long-term net savings of restructuring your current debt at a lower interest rate.

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Access Tool

Home Equity Loan Calculator

Determine the precise borrowing power of your captured appreciation and model repayment schedules for secondary leverage.

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Access Tool

Mortgage Sensitivity Tool

Stress-test your portfolio by visualizing how micro-fluctuations in interest rates will impact your total lifetime cost of capital.

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Common Questions

Mortgage Basics

The interest rate is what you pay on the principal. APR (Annual Percentage Rate) includes the rate plus origination fees, points, and other lender costs — making it a more accurate measure of total borrowing cost. Always compare APR-to-APR when shopping lenders.

Rate locks protect you against increases between application and closing — typically 30, 45, or 60 days. If rates rise during your lock period, you keep the lower rate. If rates fall significantly, some lenders offer a one-time "float-down" option. Ask your loan officer.

Most conventional loans require a minimum 620 credit score, though 740+ unlocks the best rates. FHA loans go down to 580 (sometimes 500 with 10% down). VA loans typically require 580–620. Each lender sets its own overlays on top of these minimums.

Conventional loans accept as little as 3% for first-time buyers, 5% otherwise. FHA requires 3.5%. VA and USDA loans can be zero down. Putting 20% down avoids private mortgage insurance (PMI), which adds 0.5–1.5% annually to your loan cost.

Private Mortgage Insurance is required on conventional loans with less than 20% down. You can request removal once your loan-to-value reaches 80% (through payments or appreciation), and lenders must auto-cancel at 78% LTV. FHA mortgage insurance has different rules and may be permanent for the life of the loan.

Important Disclosures

Rate Information: All rates and terms displayed on this page are samples for illustrative purposes only and are not guaranteed offers of credit. Actual rates and terms depend on creditworthiness, loan amount, loan-to-value ratio, debt-to-income ratio, property type, occupancy, and other factors. Rates are subject to change without notice.

APR Disclosure: Annual Percentage Rate (APR) reflects the total cost of credit including interest rate, points, fees, and certain closing costs. APRs shown assume a sample loan amount of $400,000 with 20% down on a single-family primary residence with a 740+ credit score. Your APR may differ.

Not a Commitment to Lend: This page does not constitute a commitment to lend or a loan approval. Final loan approval is subject to a complete application, satisfactory underwriting, appraisal, title review, and other terms and conditions.

Affiliate Disclosure: First Principles Partners may receive compensation from lenders for referrals. This compensation does not affect editorial rankings or recommendations. Lenders are evaluated on rate competitiveness, fee transparency, and closing reliability.

NMLS: All featured lenders are licensed under the Nationwide Multistate Licensing System. Verify any lender's license at nmlsconsumeraccess.org.

Equal Housing Opportunity. First Principles Partners LLC supports the principles of the Fair Housing Act and the Equal Credit Opportunity Act.