Buying a home can feel daunting with so many options and complex terminology. Take some time to familiarize yourself with the different types of home loans so you can proceed with assurance. Our mortgage rates calculator will help you determine rates and loan options suited to your needs.
Fixed-Rate Loans: These loans feature an interest rate that remains constant throughout the loan term, ensuring that your mortgage payments for principal and interest are stable. Fixed-rate loans are typically available in terms of 10, 15, 20, 25, or 30 years.
Adjustable-Rate Mortgages (ARMs): ARMs come in various forms, with the most common having a fixed rate for an initial period (such as 5, 7, or 10 years), after which the rate adjusts annually based on market conditions.
FHA Loans: Backed by the Federal Housing Administration, FHA loans require a lower down payment, making them accessible for many buyers.
VA Loans: Designed to assist U.S. military veterans and, in some cases, their spouses, VA loans offer the advantage of no down payment and are guaranteed by the Department of Veterans Affairs.
Jumbo Loans: These loans exceed the limits set by the Federal Government for purchase or guarantee, with the maximum amount varying by county.