Conventional 30 year Loan

A conventional Loan is a loan that is a forward loan. In other words, you will pay as you go towards the principal and the interest with an aim to reduce and eliminate the principal by the end of the term.

Several terms are available with the 30 year term being the most common. This is a loan that requires qualification based on several factors with the most important being the income. It is suitable for people that can demonstrate a good income. May not be very suitable for those that are heading towards retirement. In retirement the income tends to be lower.