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...
HomeReady loans are mortgages for first-time homebuyers in underserved areas.
Debt service coverage ratio loans (DSCR) are part of the non-qualified mortgage (non-QM) market. These loans are commonly used for investment properties or properties that generate income. Instead of relying on the borrower's income to cover its debt obligations.
A bank statement loan is a type of mortgage that allows borrowers to qualify without traditional income documentation such as pay stubs, W-2s, or tax returns. Instead, lenders assess earnings using recent bank statements. This loan option is particularly helpful for self-employed individuals, gig workers, and those with inconsistent income.
A home equity line of credit (HELOC) is a type of second mortgage that allows homeowners to borrower against their home equity as a line of credit. With a HELOC, you can access funds for various purposes, such as home improvements, education, or consolidating high-interest credit card debt.