Buying a House and Owning a Home
The Right Place at the Right Time: Finding the Home for YouLearn More
Finding the home for you
When it comes to mortgages, one size (or style!) definitely doesn't fit all. Learn more about what mortgage types are available to you, and what you need to know to qualify.
An adjustable rate mortgage has an interest rate that changes periodically based on market conditions. Most ARM loans will have a limit to how much the interest rate can increase.
A conventional mortgage is a traditional home loan that isn't a VA, FHA, or jumbo loan. This is what most people secure to buy a home.
A Federal Housing Administration (FHA) loan is a mortgage loan that’s insured or guaranteed by the federal government.
Unlike an adjustable rate mortgage, a fixed rate mortgage has an interest rate that remains the same regardless of changes in market conditions.
A home equity line of credit (HELOC) is a loan that is granted based on the equity that you've already built in your home. It's sometimes referred to as a second mortgage.
This is a loan for borrowers that need more than the limits on a conventional loan allow. The exact dollar amount varies by location, but generally starts at a loan over $417,00.
In a reverse mortgage allows a homeowner to borrow money based on the value of his home. No one is required to repay the mortgage until the homeowner dies or sells the home. This type of loan is reserved for older homeowners, usually 62 or older.
This mortgage is a home loan made to eligible US veterans and their spouses and guaranteed by the US Department of Veterans Affairs. It requires no downpayment and typically comes with a lower interest rate than a traditional loan.