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Mortgage Rss Information

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Mortgage Definitions and Factoids

 

Home Mortgage Definitions 5

 

Conforming Loan:

 

A loan with a mortgage amount that does not exceed that which is eligible for purchase by FNMA or FHLMC. All loans are considered either as conforming or non-conforming, also known as jumbo.

 

Conventional Loan:

 

A mortgage loan not insured or guaranteed by the federal government.

 

Conversion Option:

 

Options to convert an adjustable rate mortgage or balloon loan to a fixed rate mortgage under specified conditions.

 

Co-Signer:

A party who signs the mortgage note along with the borrower, but who does not own or have any interest in the title to the property.

 


 


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