Types_Of_Loans

Types of Loans

The type of mortgage you choose is a personal decision, and it’s important to make sure you select the option that best meets your needs.

The most common types of home loans include:

  • Conventional 30-Year Fixed-Rate Mortgage

    For this loan, you get a set interest rate and monthly payment for the entire length of the loan. A minimum of 5% of the home’s value is required as a down payment. If a minimum of 20% is put down, you won’t need to pay for PMI. Apply Now »

  • 15-Year Fixed-Rate Mortgage

    If you’re looking for a shorter term and want to save on interest, a 15-year fixed-rate mortgage is a good solution. Just as with the conventional 30-year loan, your interest rate and payment are set for the entire length of the loan. Apply Now »

  • FHA Loan

    An FHA loan can help buyers with limited assets and credit history. The down payment requirement is only 3.5%—meaning you don’t need as much cash up front—and the interest rate and payment are set for the length of the loan. This option, however, does require the payment of upfront and monthly mortgage insurance premiums. Apply Now »

  • Adjustable-Rate Mortgage (ARM)

    If you’re planning on staying in your home for a shorter period of time, this type of loan could be beneficial. It allows you to take advantage of a lower interest rate for the initial fixed-rate period of five, seven, or ten years. At the end of the fixed-rate period, however, the interest rate may increase or decrease depending on market conditions. Apply Now »

  • VA Loan

    This financing option is specifically for active duty military and veterans as well as eligible family members. A variety of loan types are available, and you could enjoy a smaller (or no) down payment without mortgage insurance. To download your DD 214 or apply online for your VA Certificate of Eligibility, visit www.ebenefits.va.gov. Apply Now »

  • Jumbo Mortgage

    If you’re looking to take out a home loan that’s greater than the maximum conforming loan limits, this may be a good fit for you. A variety of fixed-rate and variable-rate options are available. Apply Now »