Mortgages that may be a good fit
We couldn’t find any matches based on your answers, but one of our mortgage loan officers can help determine the best option for your mortgage.
Guide to Common Loan Types
VA Loans
Veterans Affairs or VA loans are government-backed loans offered as an exclusive benefit of military service. It is only made available to veterans, active duty, and surviving spouses.
- Pay as little as 0% down
- No monthly mortgage insurance premiums (MIP)
- Could be exempt from the upfront guarantee fee
- Reduced closing costs compared to conventional loans
- More leniency for past bankruptcy or foreclosure
- Pay as little as 0% down
- No monthly mortgage insurance premiums (MIP)
- Could be exempt from the upfront guarantee fee
- Reduced closing costs compared to conventional loans
- More leniency for past bankruptcy or foreclosure
FHA Loans
FHA loans are a type of government-backed loan, backed by the Federal Housing Administration. The FHA provides insurance on loans provided by FHA-approved lenders.
- Pay as little as 0% down
- No monthly mortgage insurance premiums (MIP)
- Could be exempt from the upfront guarantee fee
- Reduced closing costs compared to conventional loans
- More leniency for past bankruptcy or foreclosure
- More flexible qualification requirements
- Down payments as low as 3.5%
- Can accommodate lower credit scores
- Buyers can be approved with little to no credit history
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages start with an initial fixed rate. This initial rate lasts for a set period of years. ARMs typically offer a lower initial rate when compared to conventional loans, but do come with some unpredictability when the rate adjusts.
- Pay as little as 0% down
- No monthly mortgage insurance premiums (MIP)
- Could be exempt from the upfront guarantee fee
- Reduced closing costs compared to conventional loans
- More leniency for past bankruptcy or foreclosure
- Lower initial rate that adjusts after a set period
- Great for buyers who plan on short-term ownership or refinancing in the near future
- Great for homebuyers with a high level of financial stability
- A lower initial rate can help buyers qualify for a higher loan amount
- Choosing an adjustable-rate mortgage
- Precautions to consider before taking out an Adjustable Rate Mortgage
- Current vs. Past ARMs
- 11 Mortgage Terms Homebuyers Should Know
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- How to buy a house for the first time
- Guide to the Mortgage Process
- 10 Ways to Improve Your Credit Score
- Mortgage Learning Center
15-Year Fixed Rate Mortgages
Conventional loans, or fixed rate mortgages, offer an easy-to-understand way to finance any home. Your rate and payments stay the same for the life of the loan. A 15-year conventional loan means that payments are structured so that the loan will be paid off in that time frame.
- Pay as little as 0% down
- No monthly mortgage insurance premiums (MIP)
- Could be exempt from the upfront guarantee fee
- Reduced closing costs compared to conventional loans
- More leniency for past bankruptcy or foreclosure
- Predictable payments
- Lower interest rate compared to a 30 year loan
- Pay less interest over the life of the loan
- Shorter term enables you to build equity faster
30-Year Fixed Rate Mortgages
A 30-year conventional loan offers lower payments than you would have for a 15-year loan of the same amount. However, this means it takes longer to pay off principal and thus build equity in your home.
- Pay as little as 0% down
- No monthly mortgage insurance premiums (MIP)
- Could be exempt from the upfront guarantee fee
- Reduced closing costs compared to conventional loans
- More leniency for past bankruptcy or foreclosure
- Predictable payments
- Makes long-term financial planning easy
- Longer term keeps monthly payments more affordable
Still not sure which type of mortgage is right for you?
Contact our Mortgage Loan Officer to discuss.