Loan Programs

Which Mortgage is Right for You?

When it comes to home mortgages, the amount of options can feel overwhelming. Whether you’re a first-time homebuyer, purchasing a new home, or want to refinance your existing mortgage, it’s important to understand the different types of home mortgages available and which best fit your goals.

Generally, there are four primary types of home mortgages: Conventional Loans, Government Backed Loans, Non-Qualified Loans, and Non-Conforming Loans. Government Backed Loans, such as VA loans and FHA loans, are loans that are insured by the federal government, have lower credit score and down payment requirements, and have potentially higher interest rates. Conventional Loans are not backed by the federal government, typically require higher credit score and down payments, but may have lower interest rates. Non-Qualified Loans encompass various loan options that do not meet specific criteria set by regulatory bodies, making them suitable for individuals with unique financial situations. Non-Conforming Loans, including jumbo loans, are those that exceed the standard loan limits and do not conform to government-sponsored enterprises’ guidelines.

Whatever type of loan you choose, most will give you a choice between a fixed or adjustable interest rate. With a fixed interest rate, the interest rate percentage remains the same throughout the life of the loan, offering predictability and stability. With an adjustable interest rate, the interest rate percentage may start lower than a fixed rate but can increase over time, depending on various factors present in the market.

Choosing the right mortgage depends on your financial situation and personal preferences. You can read all about our Home Mortgage Options below or call our team of home mortgage professionals at any time! We’re here to help you navigate the home buying process and choose the loan option and interest rate type that works best for you.

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Loan Program Options

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Conventional Loans

A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.

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FHA Home Loans

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

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VA Loans

VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...

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Jumbo Loans

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $548,250 in...

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