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quizlet joe's applying for a mortgage that meets all of the fannie mae/freddie mac criteria. based on this, how would we classify this loan?

Sagot :

Tundexiidn

This loan is best classify as a conventional mortgage loan.

What is a conventional mortgage loan?

This refers to a conforming loan which simply means that it meets the requirements for Fannie Mae or Freddie Mac.

This type of mortgages have a fixed rate of interest and means that the interest rate does not change throughout the life of the loan. Also, they are not guaranteed by the federal government and as a result have stricter lending requirements by banks and creditors.

In conclusion, the entities Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages from lenders and sell them to investors.

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