It depends on cash flow. On a $300,000 loan at illustrative rates, the 15-year costs about $619 more a month and saves about $230,000 in interest. The 30-year with $200 extra a month pays off in about 23 years, saves about $103,000, and lets you stop the extra payment whenever you need to. Most buyers who can afford the 15-year still take the 30-year and prepay, because the flexibility is worth more than the rate difference.

Yes. Conventional, FHA, VA, and USDA 30-year fixed loans have no prepayment penalty. Extra principal any month shortens the term; a lump sum on a conventional loan can also be recast to lower the payment instead (Fannie Mae Servicing Guide C-1.2-01). Biweekly payment plans do the same thing as one extra payment a year; you can do that yourself without a fee.

On a conventional loan, you can request cancellation at 80 percent loan-to-value based on the original value with a good payment history, and it terminates automatically at 78 percent on the original amortization schedule. A new appraisal showing 20 percent equity from appreciation or improvements can qualify after two years (25 percent before that). FHA mortgage insurance stays for the life of the loan when the down payment is under 10 percent; the fix is a refinance into conventional once you have 20 percent equity.

Conventional from 620, FHA from 580 with 3.5 percent down (500 to 579 with 10 percent down at some lenders), USDA typically from 640, VA with no set minimum though most lenders want 600 or better. Conventional pricing improves in steps at 640, 660, 680, 700, 720, 740, 760, and 780, so a soft pull comes first and sometimes a short credit plan before locking.

Only if you will keep the loan past the break-even, usually five to seven years. One point is 1 percent of the loan amount and typically lowers the rate by about a quarter percent, though the trade varies by lender and by day. Buyers who think they will refinance or sell within a few years should take a lender credit instead.

Under the One Big Beautiful Bill Act, mortgage insurance premiums on a qualified residence are treated as deductible mortgage interest again starting with tax year 2026, phased out between $100,000 and $110,000 of adjusted gross income ($50,000 to $55,000 married filing separately), for itemizers. The $750,000 cap on acquisition debt for the mortgage interest deduction is now permanent. Confirm your situation with a tax preparer.

$832,750 for a one-unit conventional loan in every county of both states in 2026, since neither state has a high-cost county. FHA is $541,287. VA has no limit with full entitlement. Above $832,750 the loan is a jumbo 30-year fixed, available at 10 percent down for strong credit.

A quote is today's price for a loan you have not committed to; it changes with the market. Floating means you have applied but chosen not to lock yet, so the rate still moves. A lock is a written commitment from the lender holding the rate and points for a set period, usually 30 to 60 days, with the expiration on the calendar against your closing date. Only the lock confirmation fixes the rate; the 30-year fixed structure fixes it for the life of the loan after that.

Because the 30-year fixed is the same product everywhere and the price is not. A bank quotes its own rate sheet and fees. A broker prices the same file across 280+ lenders and shows the loan estimates side by side, including Section A origination charges line by line. If the bank wins, we say so. Send us the bank's estimate and we audit it for free.