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Icon Mini Profile aqua0202texas





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Post Posted: Tue May 13, 2008 3:09 pm    Post subject: Conv
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could anyone explain to me what is "30 yr Conv w/ PMI" is? what is "Conv"?
Icon Mini Profile adonis
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Post Posted: Tue May 13, 2008 9:42 pm    Post subject:
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Welcome aquatexas,

30 year conv loan would mean a conventional 30 year fixed rate mortgage requiring the borrower to pay premiums on PMI or private mortgage insurance. A conventional loan is one which is not insured by the government or FHA. It's can be insured by any private insurance company.

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Icon Mini Profile larry





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Post Posted: Wed May 14, 2008 3:54 am    Post subject:
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Hi aquatexas,

Welcome to the forum.

I think "Conv" means conventional loan and "30 yr Conv w/ PMI" means 30 year conventional loan with PMI. So you will have to pay the Private Mortgage Insurance.

Best of luck,
Larry
Icon Mini Profile evolovik26
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Post Posted: Thu May 15, 2008 6:07 am    Post subject:
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It means you are getting a loan above 80% loan to value and as such it requires PMI by the lender. Its insurance that protects the lender if you end up in default.
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Vin

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Post Posted: Tue Jun 15, 2010 7:46 pm    Post subject: Conventional Loan
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Is a Conv Loan a good way to go ?
Icon Mini Profile jameshogg
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Post Posted: Wed Jun 16, 2010 12:49 am    Post subject:
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Hi Vin,

If you meet the required criteria of the lender to get the loan and can afford the loan payments, then a conventional loan is a good way to go.

Thanks
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