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...
Short-term loans used to finance the building or renovation of a property, disbursed in phases as work progresses. They typically convert to a permanent mortgage after construction is complete.
Financing options for businesses to purchase, refinance, or improve commercial properties. They often have different underwriting standards and terms than residential loans.
(Non-Qualified Mortgages) are designed for borrowers who don’t meet traditional lending criteria, such as those with irregular income or high debt-to-income ratios. They offer flexible guidelines but often come with higher interest rates.
(Debt Service Coverage Ratio loans) are primarily used by real estate investors and are qualified based on rental income from the property rather than personal income. Lenders assess whether the property's income can cover the loan payments.