Why might a borrower prefer a conventional loan compared to a non$-$conventional loan in terms of overall loan cost?

Lenders typically offer rebates on closing costs for conventional loans.

Conventional loans always come with fixed interest rates that prevent cost increases.

Conventional loans offer smaller down payments to reduce upfront costs.

Lenders usually do not require private mortgage insurance $($PMI$)$ with a down payment of $20\%$ or more.