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Conventional Loan

Definition of term

A conventional loan is a type of mortgage not backed by a government agency. Conventional loans are typically available with fixed or adjustable interest rates and terms of 15 years or more. Down payments on conventional loans can be as low as 3%. Borrowers will usually need to pay private mortgage insurance (PMI) if their down payment is less than 20%.

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555 Marriott Dr., Suite 315,

Nashville, TN 37214

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