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 USDA loan is designed to help eligible buyers purchase homes in qualified rural and suburban areas. It may offer 100% financing with no down payment required, along with competitive interest rates and flexible qualifying guidelines.
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...
Non-QM loans offer flexible financing options for borrowers who may not qualify for traditional mortgage programs. These loans can use alternative methods of documenting income and may be a good fit for self-employed borrowers, investors, or those with unique financial situations.
A reverse mortgage allows eligible homeowners age 62 and older to access a portion of their home equity without making monthly mortgage payments. Funds may be received in several ways and can be used for living expenses, home improvements, debt consolidation, or other financial needs. The loan is generally repaid when the home is sold or is no longer the borrower’s primary residence.
A physician loan is designed for eligible medical professionals and can offer flexible financing with low down payment options, reduced mortgage insurance requirements, and consideration of future earning potential. It can be a helpful option for doctors and other qualifying medical professionals purchasing a home.
A renovation loan allows you to finance the purchase or refinance of a home along with the cost of eligible improvements in one loan. It can be a great option for buyers looking at a home that needs updates or homeowners who want to renovate without using separate financing.
A bridge loan provides short-term financing to help homeowners purchase a new home before selling their current one. It can help cover the gap between transactions and may allow buyers to use equity from their existing home toward the purchase of their next home.
Down payment assistance programs can help eligible homebuyers with some of the upfront costs of purchasing a home, including down payment and closing costs. Programs vary by location and borrower qualifications and may include grants, forgivable loans, or other forms of assistance.
New construction loans provide financing for building a new home from the ground up. Depending on the program, financing may cover the construction phase and then convert to permanent mortgage financing once the home is completed.
