Sentences with phrase «known than conventional mortgages»

Reverse Mortgages Perceived as Complicated — because reverse mortgages are less common and less well known than conventional mortgages, they can seem complicated and confusing.

Reverse Mortgages Perceived as Complicated — because reverse mortgages are less common and less well known than conventional mortgages, they can seem complicated and confusing.

Not exact matches

Conventional loans — Mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly known as the Farmers Home Administration or FmHA).

You may want to know if FHA Mortgage Loans are any better than conventional loans.

If you put down less than 20 percent on a conventional loan, also known as a conforming mortgage, your lender will probably ask that you get Private Mortgage Insurance (PMI) until you have made two years» worth of payments or your principal balance is reduced to 78 percent of its originalmortgage, your lender will probably ask that you get Private Mortgage Insurance (PMI) until you have made two years» worth of payments or your principal balance is reduced to 78 percent of its originalMortgage Insurance (PMI) until you have made two years» worth of payments or your principal balance is reduced to 78 percent of its original amount.

Few know that there are more than 22 different types of private mortgage insurance that can be used what a homebuyer puts less than 20 % down on a conventional loan.

Although critics frequently characterize FHA loans as «expensive,» it's important to know that conventional mortgages requiring less than 20 percent down also require mortgage insurance (MI).

This means 30 - year mortgages are only a possibility for those placing more than 20 percent down known as a conventional mortgage.

Instead, the agency guarantees repayment to lenders if a borrower defaults, so that the lenders know they won't lose money on the deal, thus allowing them to offer competitive mortgage rates on loans that are easier to qualify for than conventional home loans.

It's important to know that mortgage insurance isn't unique to FHA loans; it's typically required on most conventional loans if your down payment is less than 20 % of the amount being borrowed.