Loan Programs
Which Mortgage is Right for You?
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.
Mortgage Rate Options
Fixed Rate
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 ARM
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
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.
Jumbo Loans
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The 2023 maximum amount for a conforming loan in most counties is $715,000. This may be exceeded in certain High Cost counties and states.
Reverse Mortgage
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.
USDA Loans
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.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits.
FHA Home 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.