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Conventional Loans
Conventional loans are loans that are not insured or guaranteed by a
government agency (see FHA and VA for information on government loans). They can
be conforming or non-conforming loans. Most of the conventional loans that have
been made in the last several years have three basic attributes in common: 1)
They have been for long terms, 2) They have been loans with fixed interest
rates, and 3) they have been fully amortized (see Fixed Rate Loans and
Adjustable Rate Loans.
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TIP:
If you do fall behind on your monthly payments, contact your creditors and explain the situation to them, they may be willing to work out a payment plan for you. Consider adding a note to your credit report describing your hardship. Contact the credit reporting agencies to do this.
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