Loanfactz Dictionary, Glossary of Legal Terms, Loan Terms, Definitions

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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

All of C

Conventional Loan

A conventional loan is a * mortgage loan 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 know as Farmers Home Administration, or FmHA). There is a * down payment required, usually 10 percent to 20 percent of the sales price. A conventional loan does not require * mortgage insurance.

Glossary For This Page
(In Alphabetical Order)

* Default
Failure to perform a legal obligation; a default includes failure to make the payments on a financial obligation, but may also be a failure to perform some action or service that is non monetary (not relating to money).

* Down Payment
Paying a portion of the price of a home which is not borrowed and paid up front.

* Lien
A claim or charge on property for payment of some debt. With respect to a mortgage, it is the right of the lender to take the title to your property if you do not make the payments due on the mortgage.

* Mortgage
A legal document you sign to show that you have granted the lender a * lien on your property as security for repayment of a loan, giving the lender the right to take your property if you * default on the terms of the loan. Some states call it a deed of trust instead of a mortgage.

* Mortgage Insurance (MI)
Mortgage Insurance (MI) or called Private Mortgage Insurance (PMI) is insurance needed for a mortgage with a low down payment, usually a down payment less than 20% of the price of the home or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. Mortgage Insurance protects lenders against loss if a borrower defaults on the loan. Private mortgage insurance is provided by a private mortgage insurance company, is paid by the borrower (you), and is included in the mortgage payment.

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