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 fully amortized fixed-rate mortgage, includes monthly principal and interest payments which never change during the loan’s lifetime. Typical terms range from 10 to 30 years.
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a starting rate lower than a fixed rate product..
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 specified period of time.
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The 2025 maximum amount for a conforming loan in most counties is $806,500. This may be exceeded in certain High Cost counties and states.
A NON-QM loan (non-qualified mortgage) is a type of home loan that doesn't meet the strict standard guidelines set by the Consumer Financial Protection Bureau for a traditional “qualified mortgage”. Who can benefit by these loans? Self-Employed borrower’s whose income on a tax return appears low but has a healthy cashflow, Real Estate Investors, Retirees and High Net Worth individuals to name a few.
A reverse mortgage is a type of home equity loan that allows you to convert some of the existing equity in your home into cash while you retain ownership of the property. Equity is the current cash value of a home minus the current loan balance.
If you're looking to buy a home in a rural or suburban area with minimal investment, you might consider the USDA Rural Development Loan.
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 ...
