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 second mortgage is a home loan that allows you to borrow against the equity you've built in your home while keeping your existing first mortgage in place. Instead of replacing your current mortgage, a second mortgage provides access to additional funds that can be used for a variety of financial needs, including home improvements, debt consolidation, major expenses, or other life events. It can be an effective financing solution for homeowners who have built equity and want to leverage it without refinancing their primary mortgage.
A HELOC (Home Equity Line of Credit) is a type of loan that lets you borrow against the equity in your home—similar to using a credit card but secured by your property.
A Debt Service Coverage Ratio (DSCR) loan is a type of non-qualified mortgage (non-QM) primarily used by real estate investors to finance investment properties, such as rental properties.
These loans offer more flexibility and are perfect for borrowers with unique financial situations, such as self-employed individuals, investors, or those with unconventional income.
