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...
Ideal for borrow-customers with a steady income and sufficient down payment, borrow-customers pay the same monthly payment amount over loan’s lifetime.
Good option for first-time homebuyers who may not have saved enough for a large down payment
Designed for military veterans, VA loans are mortgages guaranteed by the Department of Veteran Affairs, offering exceptional benefits, including low interest rates and no down payment requirement.
A loan which is larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation
This loan does not include the repayment of principal for a certain period of time, and are available as a fixed-rate or adjustable-rate mortgage.
Down payment assistance (DPA) helps homebuyers with grants or low-interest loans that reduce the amount they need to save for a down payment.
Low-interest mortgages with zero down payments designed for low-income Americans who don’t have good enough credit to qualify for traditional mortgages
This loan type allows 62 or older senior homeowners with considerable home equity to borrow-customer against the value of their home and receive funds
