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 exceed the conventional conforming loan limit. The maximum amount for a conforming loan is $806,500 in...
A Reverse Mortgage is a loan available to homeowners aged 62 and older, allowing them to convert a portion of their home equity into cash without monthly mortgage payments. Borrowers must continue to pay property taxes, homeowner’s insurance, and any homeowners association fees.
A Construction Loan is a short-term loan designed to finance the building or major renovation of a home or residential or commercial property. Construction loans disburse funds in stages (draws) as construction progresses. These loans typically have higher interest rates and shorter terms, usually ranging from 6 to 24 months.
Alternative Lending refers to non-traditional financing options that exist outside of traditional banking systems. These loans are often offered by private institutions, and they provide borrowers with access to capital through alternative methods compared to traditional banks or credit unions.
Private Lending refers to financing provided by individual investors, private companies, or non-bank institutions. Private lenders offer loans for various purposes, including real estate investments, business funding, and personal loans, often with more flexible terms than conventional financing.
