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.
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle.
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time.
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 no down payment to purchase a home.
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan.
Non QM Loans are ideal for borrowers with unique financial circumstances or with credit issues.
Renovation and Rehab loans allow homebuyers and homeowners to finance improvements to their property.
Debt Consolidation loans are for borrowers who would like to consolidate their high interest debts into one low monthly mortgage payment.
Hard money loans are mortgages for borrowers that cannot qualify based on conventional guidelines.
Our construction to permanent loan programs allows borrowers to finance building a new home or renovating an existing home.
Bankruptcy loans are mortgages for borrowers with a recent Chapter 7, 11 or 13 bankruptcy.
First time home buyer loans are mortgage programs that are for borrowers purchasing their first home.
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.
Investment property loans are loans for various residential and commercial investment properties.
Zero down payment loans are loans that allow homebuyers to buy a home with no down payment.
No Doc and Low Doc loans are loans that require reduced or no financial documentation.
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
