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Word-Of-The-Day: Conventional Loan

Conventional loan or conventional mortgage – A real estate loan, which is not insured by the government agency FHA nor guaranteed by the Veterans Administration.  Typically subject to the terms of their particular institution, the conditions may be more flexible, as the lender is not required to follow federal guidelines.  The lender looks to the credit of the borrower and the security of the property to insure payment of the debt.

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