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What Type of Loan Suits You Best?

We'll help you look at loan types and decide what type of loan works for you.

Purchase + Refinance

LOAN TYPES

With 400+ loan products to choose from, you can rest assured knowing that we can help you find a loan that is as unique as you are.

Conventional Loan


This type of loan is best for a financially stable borrower. Conventional loans are not backed by the government, therefore they offer more options to choose from, but usually have higher down payment requirements. These loans also tend to come with lower interest rates since the borrower typically has a good income and credit score. Learn More About Conventional Loans >




Fixed-Rate Mortgage


Fixed-rate mortgages are one of the most common types of financing because the monthly payment and interest rate (PITI) will never change over the life of the loan. Meaning, your interest rate will never increase even if market rates do. Pick from a conventional loan, or a government-backed loan like the FHA, VA and USDA. This type of loan is beneficial for homebuyers who like predictability in their monthly mortgage payment. Choose a short term option (15-year) or benefit from lower payment by choosing a long-term option (30 year).




FHA Loan


FHA loans include more flexible financing options like a lower down payment (usually as low as 3.5%) and flexible income/credit requirements. These loans are backed by the government, which means, if you can't pay your mortgage, the FHA pays the lender instead. FHA mortgages are most popular for First Time Home Buyers as they provide more affordable housing options.




Cash-Out Refinance


If your home has equity in it, meaning it's worth more than you owe - you might benefit from a cash-out refinance. The best part? Use the cash for whatever you want. Pay off studen loan debt, renovate your house, pay off credit cards or splurge on a vacation. The possibilities are endless. Click on the video below to learn more.





USDA Loans


USDA loans are eligible in rural areas that have been guaranteed by the USDA. It was originally created for rural buyers who had financial limitations but has expanded beyond farmers becoming an option for people who want to enjoy countryside living. Benefits include 100% financing, meaning no down payment and flexible credit requirements. USDA also come with lower interest rates since this type of loan is guaranteed.




Veteran (VA) Home Loan


VA home loans are for current or former military members and their families. Benefits include no down payment, little to no closing costs and no private mortgage insurance (PMI). Qualified applicants must not be dishonorably discharged and meet certain eligibilty requirements, which are detailed in the link below. You can use a VA loan for buying a home, refinancing, renovating or to cash-out. See if you are eligible to benefit from a VA loan today. See if You Qualify >




Jumbo Home Loans


Jumbo loans are mortgages with a loan amount that exceeds the standard “conforming” loan limits or guidelines. These loans are designed to help buyers who are interested in luxury homes and buyers of modest homes in markets with increased property values. Think buying the same home in California as opposed to Texas. These loans are important because average home prices vary widely across the United States. The limits are based on average home prices. Which means the "conforming" limit would be different in California than it would be in Texas. More on Jumbo Loans >




Adjustable Rate Mortgage


An ARM (adjustable-rate mortgage) is an alternative to a fixed-rate home loan that offers an “introductory” interest rate set lower than that for conventional loans. The loan proceeds at this rate for an agreed-upon period of time, usually several years. Once the introductory period expires, the interest rate “resets” – moves up or down in line with the movement of an “index” (currently the LIBOR). Following this movement, the amount of interest you pay each month gets larger or smaller. ARMs are great for borrowers who plan to move in a few years or expect more income in the future. More About ARMs >





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LOAN TYPES

Renovation

Freshen up that fixer-upper or start loving where you live again. With a renovation loan, you don't have to just imagine your dream home - you can create it.

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