Mortgages that may be a good fit
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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.
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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.
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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.
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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.
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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.
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Still not sure which type of mortgage is right for you? Contact our Mortgage Loan Officer to discuss.
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Don’t forget about these helpful resources, which you can use to help you make decisions about your homeownership journey.
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