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...
Foreign national loans are mortgage loans designed for non-U.S. citizens or non-residents who wish to purchase property in the United States.
A Home Equity Line of Credit (HELOC) is a type of loan that allows homeowners to borrow against the equity in their home, using the property as collateral.
A construction-to-permanent loan, often called a "construction-to-perm" or "one-time close" loan, is a single mortgage that finances both the construction of a new home and its permanent financing once construction is complete.
A renovation loan combines the cost of purchasing or refinancing a home with the expenses of repairs, upgrades, or renovations into one mortgage.
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
A Profit and Loss (P&L) loan is a type of non-qualified mortgage (non-QM) designed for self-employed individuals, small business owners, or those with non-traditional income sources who may struggle to qualify for conventional loans due to irregular or complex income documentation
A bank statement loan is a type of mortgage loan where the lender uses the borrower's bank statements to verify income instead of traditional documentation like W-2s or tax returns.
A reverse mortgage loan allows you to access a portion of your home's equity to obtain tax-free funds without having to make monthly loan payments.
