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...
DSCR loans are perfect for real estate investors who can secure a real estate loan based on their rental property’s cash flow, not their income tax returns or other financial paperwork. Here’s how a DSCR loan works and what it takes to qualify.
An ITIN loan, or Individual Taxpayer Identification Number (ITIN) loan, is a mortgage program for people who want to buy a home in the United States but don't have a Social Security number (SSN). ITINs are issued by the IRS to people who have US tax filing obligations but aren't eligible for an SSN. ITIN loans can help non-citizens, new residents, and dependents or spouses of US citizens or residents become homeowners and build equity.
United Wholesale Mortgage (UWM) announced its 0% Down Purchase program in May 2024 to help qualified borrowers become homeowners without an upfront down payment. The program provides a second lien loan that can cover up to $15,000 or 3% of the purchase price of a home, whichever is less. The loan has no interest or monthly payment, but it must be paid in full by the end of the loan term or when the first lien loan is paid off.
What Is A One Time Close Construction Loan? A Single-Close Construction to Permanent (SC CTP) loan is a home mortgage that can be used by the borrower to close both the construction loan and permanent financing of a new home at the same time.
