conventional loan

Definition of "conventional loan"
  1. It's a type of loan used to buy a piece of real estate. It's protected by a first mortgage on the property and doesn't involve any federal agency as a guarantee
How to use "conventional loan" in a sentence
  1. The couple decided to finance their new house with a conventional loan from a local bank.
  2. Since they had strong credit, they opted for a conventional loan rather than a government-backed option.
  3. The broker explained that a conventional loan often requires a higher down payment compared to other types of mortgages.

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