Loan Programs

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable-rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

Fixed Rate Mortgages (FRM)

The traditional fixed-rate mortgage is the most common type of loan option and includes monthly payments covering both principal and interest, which never change during the loan’s lifetime.

Adjustable Rate Mortgages (ARM)

Adjustable-rate mortgages include interest payments that shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

JUMBO Loans

A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

FHA Loans

FHA home loans are mortgages that are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

VA Loans

VA loans are mortgages guaranteed by the Department of Veterans Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of homeownership.

Reverse Mortgages

Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.

HoME IMPROVEMENT Loans

A home improvement loan is an unsecured personal loan that can be made without providing any collateral. Unlike some home-related financing, you won’t need to provide your home title. It’s not a mortgage or a reverse mortgage and won’t put your home at risk.

CONSTRUCTION LOANS

A construction loan is usually a short-term loan that provides funds to cover the cost of building or rehabilitating a home. In general, construction loans have higher interest rates than longer-term mortgage loans used to purchase homes. The money borrowed through a construction loan is typically provided in a series of advances as the construction progresses. Payments sometimes start on a construction loan six to 24 months after the loan is made. You can pay off the balance in a lump sum or you may be able to convert the loan to a conventional mortgage loan, though if your construction loan does not automatically convert you may have to reapply for a new loan. Your choices will depend on the lender and your credit history when you apply, so make sure to compare multiple loans, terms, and features.