What is a conventional mortgage loan?

A conventional mortgage is a mortgage not insured by a federal government program, like an FHA loan or USDA loan. These mortgages can be either conforming or nonconforming: Nonconforming mortgages meet the requirements of Freddie Mac and Fannie Mae, which are private companies sponsored by the government.

What are the different types of conventional mortgages?

As mentioned above, different types of conventional mortgages are available to meet different needs for borrowers. Some of the common types of conventional mortgages include: Fixed-rate loan: Interest rates stay the same over the life of the loan. Adjustable-rate mortgage (ARM): Interest rates can change over the life of the loan.

What makes a good conventional mortgage lender?

The best conventional mortgage lenders offer the right combination of competitive rates, attractive loan terms and low closing costs. Finding a lender that excels at customer service and your preferred style of communication is also essential. The star ratings on this page reflect each lender's overall star ratings.