What does Conventional Mortgage mean? Read on to discover the definition & meaning of the term Conventional Mortgage - to help you better understand the language used in insurance policies.
A conventional mortgage is a type of mortgage loan that doesn't have any sort of backing or insurance provided by a government entity such as the Veterans Administration or the Federal Housing Administration. Many conventional mortgage loan holders purchase mortgage insurance to protect against losses from any potential defaults.
We hope the you have a better understanding of the meaning of Conventional Mortgage.