What are the basic types of loans?
Because every customer is different, we provide a large variety of customized home loan programs including refinance and home purchase options.
Our loan officers are specially trained to meet your individual needs, so you are able to achieve your financial goals. When you fill out an application, your loan officer meets with you one-on-one. That way you’ll get to know us, and we’ll get to know you. Then your loan officer can work effectively with you to design a program best suited to meet your specific financial needs.
In this section, you’ll find definitions of many types of home loans. To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with one of our loan officers.
Adjustable rate mortgage (arm)
A mortgage in which the interest rate is adjustable periodically based on a pre-selected index. This often has lower monthly payments, and it also has a ceiling above which payments cannot go. Learn more about adjustable rate mortgages
A loan that combines monthly bills (like, high interest credit cards and car loans) into one, new low-interest home loan with one low monthly payment. This type of home loan can save a borrower hundreds of dollars every month.
FHA / VA loans
The federal housing administration (FHA) and the U.S. Department of veterans affairs (VA) offer government-insured loans. These loans have features that make them more obtainable. These features include lower credit scores, more flexible lending guidelines if you’ve had any past credit issues and lower down payments.Learn more about FHA & VA loans.
A mortgage for which the interest rate will remain the same throughout the entire term for the original borrower. Learn more about fixed interest rate loans
Home Equity Line of Credit (HELOC)
A loan for which you can either receive a large sum of money or have an open line of credit that can be drawn as it is needed, with, typically, low interest rates. Learn more about home equity loans
Home purchase loan
A loan to finance the purchase of real estate.
This type of loan is most popular with homeowners who have homes that are appreciating in value and who want the lowest payment possible. Qualified borrowers make interest-only payments with the choice to make higher payments in order to reduce the principal. There are a variety of options, including making interest-only payments during the first 3, 5, or 7 years of these mortgages.
Non-conforming (jumbo) loans
Loans are called jumbo or non-conforming loans when they exceed the loan amounts allowed by fannie mae (federal national mortgage association) and freddie mac (federal home loan mortgage corporation) — two government-sponsored enterprises that help facilitate the availability of home loans by investing throughout the country.
Non-conforming loans typically have a higher rate and different requirements for your down payment.
A new loan made to a borrower who currently owns a property or has a first mortgage on it. Refinancing either pays off the existing mortgage with a new first mortgage, or a second mortgage is made in addition to the existing first mortgage. Learn more about mortgage refinance.
Do you need specialized financing that is not listed here? Contact us because we are here to help you with all of your loan and financing needs. Just tell us what you are looking for; we are here to serve you.