A conventional loan refinance also called a conforming loan because they conform to Fannie Mae or Freddie Mac loan guidelines. If there is less than 20% equity in the property, mortgage insurance will be required. This mortgage insurance can be removed after two years and the equity has increased to at least 20%.
In Oregon, conventional loans are available in 10, 15, 20, 25 and 30-year terms and never have pre-payment or early payment penalties. Conventional loan interest rates are vary depending upon your credit scores and the amount of equity in the property.