Questions: 1. Define in detail what an Amortized Loan is. What is the difference

Questions:
1. Define in detail what an Amortized Loan is. What is the difference

Questions:
1. Define in detail what an Amortized Loan is. What is the difference between a fully amortized loan and a partially amortized loan (whether or not it is a first or second mortgage) ? Does the monthly payment amount change for a fixed rate loan ? Does the dollar amount of the principle balance and interest change each month within that payment ?
2. Explain in detail what are Conventional Loans ?
3. How do Nonconforming Loans differ from Conforming Loans ? Please write in detail the advantages and disadvantages of a 15-year mortgage (versus the more traditional 30-year mortgage).
4. What does LTV stand for ? What is/ has been the traditional percentage LTV for a Conventional Loan, what two other LTV percentages are also acceptable nowadays because of mortgage insurance being required ?
5. Please describe in detail how mortgage insurance works. Is the entire loan amount insured or a certain amount of the loan ? At some point in the future under the right circumstances can mortgage insurance stop ? Yes or No ?

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