There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in...
A first-time home buyer loan is a mortgage program created to make homeownership more accessible. In many cases, you may qualify as a “first-time buyer” even if you haven’t owned a home in the past three years. Several loan programs allow qualified buyers to purchase a home with zero down payment.
A refinance, or refi for short, refers to revising and replacing the terms of an existing credit agreement, usually as it relates to a loan or mortgage. Refinancing a loan or mortgage is typically done to take advantage of lower interest rates or improve the loan terms, such as the monthly payment or length of the loan.
A second mortgage (also called a home equity loan) is a lump-sum loan that is taken out in addition to your existing mortgage. A Home Equity Line of Credit (HELOC) works more like a credit card. Instead of receiving a lump sum, you’re approved for a credit line that you can draw from as needed.
A Bank Statement Loan is a non-QM (non-qualified mortgage) loan designed specifically for self-employed borrowers. Instead of using tax returns to verify income, lenders review your personal or business bank statements to determine your cash flow.