There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
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.
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.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
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 $766,550 in...
USDA loans offer eligible homebuyers in qualifying rural and suburban areas a path to homeownership with no down payment required. Backed by the U.S. Department of Agriculture, these loans feature competitive fixed interest rates, reduced mortgage insurance costs, and flexible credit guidelines — making them an excellent option for low-to-moderate income borrowers looking to buy in USDA-eligible locations.
DSCR (Debt Service Coverage Ratio) loans are designed for real estate investors and qualify based on a property's rental income rather than the borrower's personal income or tax returns. Ideal for self-employed investors or those building a rental portfolio, DSCR loans offer flexible qualification, fast closings, and financing for single-family, multi-family, and short-term rental properties.
Bank statement loans are designed for self-employed borrowers and business owners who don't qualify under traditional income documentation. Instead of tax returns, qualification is based on 12–24 months of personal or business bank statements to verify income — making it easier for entrepreneurs, freelancers, and small business owners to get approved with flexible underwriting and competitive rates.
A HELOC lets homeowners tap into their home's equity as a flexible, revolving line of credit — borrow what you need, when you need it, and only pay interest on the amount used. It's a smart option for home improvements, debt consolidation, tuition, or major expenses, with the flexibility of a credit line and typically lower rates than credit cards or personal loans.
