Catch-up contributions give people who are age 50 and over, or who turn 50 by the end of the calendar year, a chance to save more in their 401(k)s, IRAs and other retirement accounts. When a catch-up contribution is made, the total contribution will be larger than the standard contribution limit.
A conventional loan is any type of mortgage that is not insured by the federal government. Instead, private lenders, such as banks and credit unions, issue conventional loans to homebuyers. Conventional loans are the most popular type of mortgage option today.