conventional mortgage

Definitions (2)

1. A mortgage in which the interest rate does not change during the entire term of the loan. also called Fixed-Rate Mortgage (FRM).
2. A mortgage that is not insured or guaranteed by the government, as opposed to a government mortgage.

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The conventional mortgage was preferred by the young home buyers who wanted a simple and safe loan for their home.

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My husband and I decided on a conventional mortgage when we purchased our new home, as we wanted a sense of stability in the years to come.

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The condominium is beautiful, but purchasing it will require you to sign into a conventional mortgage plan, and while your interest rate will not change, you won't be entitled to any government insurance.

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