A conventional mortgage is a residential mortgage loan that is not insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA). It often refers to a mortgage with a fixed term and a fixed rate.
A fixed-rate, level-payment mortgage loan with a maturity of fifteen years. This mortgage option became popular in the 1980s because it significantly reduces the amount of interest paid over the life of the loan, despite having higher monthly payments compared to a thirty-year mortgage.
