Real Estate Glossary > M > Mortgage Loan Definition

Funds borrowed from a mortgage lender or broker to finance the purchase of a home. Conventional loans A mortgage loan not insured by any government program and follows guidelines set by the government-sponsored institutions Fannie Mae and Freddie Mac. , FHA loans A loan with a low down payment and competitive interest rates that is insured by the Federal Housing Administration, a government agency that that provides funding for these loans from mortgage insurance payments. and VA loans A special type of loan backed by the government and only available to veterans of the US military and surviving relatives. are all different types of mortgage loans available.