Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.
If you have an FHA loan, which has a required monthly mortgage insurance cost, and you have 20% equity in your property, you may be able to remove hundreds for dollars from your monthly payment by refinancing into a conventional loan to remove the MI.