Which Mortgage is Right for You?
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.
Loan Program Options
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Conventional Loans
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.
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FHA Home Loans
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.
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VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and reduced closing costs.
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Jumbo Loans
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 most counties.
Mortgage Rate Options
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Fixed Rate
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.
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Adjustable Rate
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...
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Interest Only
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...
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Graduated Payments
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
