Conv

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.

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

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.

Is a Conv Loan a good way to go ?

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