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asked 2 years ago
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Assuming your are speaking of a home loan or mortgage, a conventional loan simply means a "normal" interest and principle payment plan with non variable rate. This means your interest rate will not change for the life of the loan and that with each payment, some of the money will go to pay interest accrued and some will go against the balance owed. It also means that at the end of the term of the loan, assuming all payments are made and on time, the balance will be $0 owed.
This is the same with any kind of "conventional" loan. You make your payments for so long, and the entire loan, interest and principal will be paid off in x number of years.
This is the same with any kind of "conventional" loan. You make your payments for so long, and the entire loan, interest and principal will be paid off in x number of years.
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