conventional loan
Non-government-backed financing
A conventional loan is a mortgage not backed by a government agency like the FHA or VA.
Because they lack government insurance or guarantees, conventional loans typically require higher credit scores and larger down payments, but they may offer more flexibility in terms and avoid certain fees.
They qualified for a conventional loan with 20% down.
- mortgageSecured home loan
- lenderOne who loans money
- bankPlace holding deposits
- down paymentInitial sum toward purchase
- interest rateCost of borrowing money
rate lock · credit score · fixed-rate · homebuyer · closing costs · closing day · principal · amortization · underwriting · good faith estimate · preapproval · escrow · jumbo · conforming · Fannie Mae · Freddie Mac · PMI · private mortgage insurance
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- creditcredit card, credit score, credit limit, credit cards, credit scores
- Refinancing Termsclosing costs, interest rate, rate lock, break-even point, prepayment penalty
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