Conventional
Conventional
A conventional loan is a mortgage that is not guaranteed or insured by the government. Instead, it is backed solely by the lender’s own assessment of the borrower’s creditworthiness and ability to repay the loan. Conventional loans typically require a higher credit score and a larger down payment compared to FHA loans. Borrowers with good credit histories may benefit from lower interest rates and fewer upfront fees.
Conventional loans come in various terms, including fixed-rate and adjustable-rate options, providing borrowers with flexibility in choosing a loan that suits their needs.
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