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Home Mortgage Definitions and Factiods
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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