What is a Conventional Loan?
A conventional loan is a mortgage loan that is not insured or guaranteed by any government program. It is the most common type of mortgage loan. Unlike non-conventional loans, for which interest rates are set by statute, each mortgage lender, bank, or mortgage broker will offer different rates, terms, and fees for conventional loans, so it’s best to get a good faith estimate from a number of different places to find the best loan. Examples of non-conventional loans include an FHA loan or VA loan.
The term “conventional loan” should not be confused with “conforming loan.”” Conventional loans can be either conforming (if they follow the Fannie Mae and Freddie Mac loan guidelines) or non-conforming..
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