Conventional Loan
Definition of "Conventional loan"
Mortgage loan not insured or guaranteed by a governmental agency such as the Federal Home Administration or the Veterans Administration. This type of loan is repayable in fixed monthly payments with a fixed rate and term (typically not exceeding 30 years), secured by real property.
Popular Real Estate Terms
Aerial navigation that may interfere with a property owner, such as creating undue noise. The value of land near an airport may decline in value for this reason. Further airport congestion ...
Clause in an open-ended mortgage permitting the mortgagor to borrow additional sums of money in the future pledging than same real property collateral. A construction loan has a future ...
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Day the attachment of property under a judicial order becomes effective. ...
Act occurring after the fact. ...
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Current cost to replace property with an identical property after allowing for the depreciated value of the property. ...
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
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