These types of mortgages are considered conventional because they tend to have standard payment plans for either 15 or 30 years at a fixed interest rate which allows borrowers to have predictable payments for a set period of time. (stockmonkeys.com)
Whether you're on an IDR, a Standard payment plan, or some other kind of repayment, if you are happy and stable with that plan, you can just keep paying your loan like normal. (thecollegeinvestor.com)
If you don't re-submit your income, you will revert to the Standard payment plan, which will drive up your monthly costs and may compromise your ability to pay your mortgage. (thecollegeinvestor.com)