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 with no down payment is a mortgage program offered by the United States Department of Agriculture (USDA) to help eligible homebuyers purchase homes in rural or semi-rural areas.
Eligibility Flexibility:
Non-QM loans provide an option for borrowers who don’t meet the requirements for standard mortgages.
Common applicants include business owners, self-employed individuals, and gig workers.
Borrowers can use alternative income documentation (e.g., tax returns, bank statements or No income at all) instead of traditional W-2 forms and paystubs.
A reverse mortgage is a type of loan that allows homeowners ages 62 and older to borrow against their home’s equity for tax-free payments. The reverse mortgage lender makes these payments to the homeowner. The homeowner doesn’t have to repay the reverse mortgage until death, or when they permanently move out or sell the home.
Typically, homeowners use reverse mortgages to supplement retirement income, pay for home repairs or cover medical expenses.
DSCR
DSCR loans are a type of mortgage financing used in investment real estate including residential, commercial and even industrial. DSCR stands for debt service coverage ratio and it’s a way to measure the cash flow of an investment property. DSCR loans are just mortgages that use this ratio as a factor in determining loan eligibility and terms.
