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...
A USDA home loan is a zero-down-payment mortgage for home buyers in eligible towns and rural areas. USDA loans are guaranteed by the USDA Rural Development Guaranteed Housing Loan Program, a part of the U.S. Department of Agriculture.
A portfolio loan is a kind of mortgage that a lender originates and retains instead of offloading or selling on the secondary mortgage market. A portfolio loan stays in the lender's portfolio, or “on the books,” for its full term.
Financing for the purchase of a private aircraft follows a similar structure to a car loan or mortgage. The lender is often a commercial bank that does not necessarily specialize in aircraft financing.
These loans are similar to auto loans. Some lenders offer boat-specific loans, but many offer personal loans that can be used for many purposes, including the purchase of a boat.
Loans guaranteed by SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital.
A bank statement loan allows you to qualify for a mortgage using bank statements rather than tax returns. It's most often used by self-employed borrowers.
Asset depletion loans are a type of mortgage program that uses the value of the borrower's liquid assets instead of traditional monthly income to qualify for the mortgage.
A DSCR loan allows real estate investors to secure financing based on the rental income of a property rather than their personal income. If you cannot qualify for a conventional loan, DSCR loans are a great option.
A One-Time Close (OTC) Construction loan is a product that allows borrowers to combine financing for a lot purchase, construction and permanent mortgage into one first mortgage loan.
A HELOC is also known as a second mortgage. But when it's a first-lien HELOC, it jumps ahead of other loans secured by your property and sits in the first loan or first-lien position. With a first-lien HELOC, there is no second mortgage. Your line of credit and home loan combine into a single loan.
When you qualify for a home equity loan, you’ll receive the loan in a lump sum upfront. Most HELOANS have a fixed interest rate, so your monthly payment (including principal and interest) will remain the same throughout the lifetime of the loan..