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 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.
A reverse mortgage is a special loan for homeowners aged 62 or older. It lets you turn some of the equity (value) in your home into cash without having to move or make monthly payments. Instead of paying the bank each month like a regular mortgage, the bank pays you. The loan is repaid later, when you sell the house, move out, or pass away.
USDA loans—backed by the U.S. Department of Agriculture—are designed to help low- to moderate-income buyers achieve homeownership in eligible rural areas. With zero down, reduced mortgage insurance, and low interest rates, a USDA loan could be your key to affordable living outside city limits.