More than 1 million customers Innovative solutions to purchase or refinance Competitive rates and superior service Get Started. A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of VeteransвЂ Affairs (VA) loan programs. However, conventional loans are commonly interchangeable with вЂњconforming loansвЂќ, since they are required to conform to Fannie Mae and Freddie MacвЂs underwriting requirements and loan limits.
There are two primary categories of conventional mortgages: Conforming: A conforming mortgage follows the guidelines put in place by Freddie Mac and Fannie Mae, including loan limits. Non-conforming: These mortgages include both вЂњjumbo loansвЂќ which exceed the loan limits imposed by government-backed agencies, niche products for unusual circumstances and riskier products that are much less common these days. Why Choose a Conventional Loan.
Consider it a red flag if a credit counseling agency does not send free information about the organization prior to requesting details about your situation. Check the Better Business Bureau, the local consumer protection agency, and with the National Foundation for Credit Counseling about the legitimacy of a list of potential counseling agencies.
These organizations can identify any that have had consumer complaints. However, not having a complaint is no guarantee that they are legitimate. If you decide to use credit counseling services, read the contract agreement before you sign. The contract should can you get a personal loan for anything fee or contribution amounts; a description of services; an estimated payoff schedule; termination provisions; and, the dispute resolution process.
The desire for financial freedom is something many people share. If you decide to work with a consumer credit counseling agency, make sure their goals match yours and you are not tied to a scam that can put you into a bigger financial hole. Whenever you sign a short term loan agreement, you agree upon a payment schedule. This dictates how often you will make payments and how long it will take to repay your loan.
Every lender in our network provides the consumer with specific terms, conditions, and practices prior to the consumer's acceptance of the loan.
We recommend that you carefully review the terms and conditions of any loan offer presented to you. For further details about the above considerations see our Rates Fees and Lending Policy web pages.
IMPLICATIONS OF NON-PAYMENT, LATE PAYMENT, OR PARTIAL PAYMENT. When you accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender.
Additional fees or charges by your lender may request in the event that you are unable to repay your loan in full or if you make a late payment.