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...
USDA loans are low-interest mortgages with zero down payments designed for low-income Americans who don't have good enough credit to qualify for traditional mortgages. You must use a USDA loan to buy a home in a designated area that covers several rural and suburban locations.
A reverse mortgage is a home loan that allows homeowners 62 and older to withdraw some of their home equity and convert it into cash. You don’t have to pay taxes on the proceeds or make monthly mortgage payments.
A construction-to-permanent loan, also called a single-close loan, is a special loan used to finance the cost of buying land, building a home on it, and later serving as the mortgage on the home once it’s finished being built. This kind of loan is ideal for borrowers who want to build a custom home from scratch on a chosen lot using contractors they pick.
A non-qualified mortgage — or non-QM — is a home loan that is not required to meet agency-standard documentation requirements as outlined by the Consumer Financial Protection Bureau (CFPB).
An FHA streamline refinance lets you skip right past one of the biggest hurdles to getting an FHA loan: The appraisal. This shortcut saves you time and money, but not everyone can take advantage of it. FHA streamline refinance is a program that allows homeowners with FHA-backed mortgages to refinance with less time, hassle and paperwork.
The VA Streamline Refinance — also known as a VA Interest Rate Reduction Refinance Loan (IRRRL) — can lower your VA mortgage’s interest rate quickly and inexpensively. With an IRRRL, it’s possible to refinance without income or bank account verification, and without an appraisal. There’s no credit score requirement either. This means you can take advantage of historically low-interest rates quickly, easily and affordably.
A cash-out refinance is a type of mortgage refinancing where you replace your existing home loan with a new, larger one—and take the difference in cash.
A conventional refinance is the process of replacing your existing mortgage with a new loan that is not backed by a government agency (such as the FHA, VA, or USDA). These loans follow the guidelines set by Fannie Mae and Freddie Mac and are typically available through private lenders like banks or credit unions.