2007-03-27 08:59:52 · 8 answers · asked by bigddaddy@verizon.net 1 in Business & Finance ➔ Renting & Real Estate
Most things in the mortgage world tend to be a bit confusing, but in this case, it is as simploe as it's title...
conventional mortgage basically means - normal mortgage.
a standard mortgage with standard terms.
2007-03-27 09:34:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Conventional Fixed Rate Mortgage
A typical conventional mortgage is a loan for your home that carries a fixed interest rate for a 30 year term, but you can also consider a shorter term. Although the monthly payment will be higher, you'll pay significantly less total interest and build equity more quickly. The monthly payments for principal and interest remain the same since the interest rate does not vary.
2007-03-27 09:05:29 · answer #2 · answered by poeticmami 3 · 0⤊ 0⤋
Conventional is just that the applicant is going through a qualification process with a recognized mortgage lender (i.e., banks, mortgage brokers/lenders, credit unions).
Owner contracts are not "convention" where the property owner is carrying the "paper" or note and the note is not always publicly recorded as a debt.
2007-03-27 09:05:31 · answer #3 · answered by wonderful1 4 · 0⤊ 0⤋
JUST BECAUSE IT JAYS CONVENTIONAL MEANS IT IS FIXED RIGHT NOW, NOT FOR A WHOLE 30 YEAR PERIOD. A lot of people have a 2/25, 3/37 something like that meaning it's conventional for a few years then goes variable.
2007-03-27 12:54:41 · answer #4 · answered by Benjamin G 2 · 0⤊ 0⤋
better theory: lease interior the hot state until you are able to sell your previous abode. besides, renting provide you a wager to grow to be acquainted with that new city. some thing tells me which you does no longer qualify for 2 mortgages on a similar time. VA very own loan human beings (that placed 0% down) are no longer infamous for understanding the thank you to maintain funds.
2016-10-20 01:54:56 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Is any normal mortgage loan
2007-03-27 09:04:05 · answer #6 · answered by cabridog 4 · 0⤊ 1⤋
"Conventional" means not insured under FHA or VA & therefore not subject to their restrictions.
2007-03-27 09:15:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
30-year fixed rate.
2007-03-27 09:06:44 · answer #8 · answered by Anonymous · 0⤊ 1⤋