Conventional fixed-rate loans are a widely chosen mortgage option, featuring a stable interest rate for the entire duration of the loan. This means monthly payments generally remain unchanged. Although a 20% down payment has traditionally been the norm
A HELOC, or Home Equity Line of Credit, is a type of loan that allows homeowners to borrow money against the equity in their home. Essentially, it’s a revolving line of credit, like a credit card, where you can borrow, repay, and borrow again, up to a certain limit, using your home
FHA (Federal Housing Administration) loans are mortgages insured by the government, created to help individuals with low to moderate incomes and imperfect credit achieve homeownership. These loans provide advantages like reduced down payment requirements.
VA (Veterans Affairs) loans are home financing options created to support eligible U.S. veterans, active-duty military personnel, and certain members of the National Guard and Reserves in purchasing a home. Guaranteed by the U.S. Department of Veterans Affairs.
USDA (United States Department of Agriculture) loans are government-insured mortgage programs designed to encourage homeownership in rural and suburban communities. They offer key advantages like no down payment, favorable interest rates, and relaxed credit guidelines
Jumbo loans are mortgage loans intended for financing high-priced homes that go beyond the loan limits established by government-sponsored entities such as Fannie Mae and Freddie Mac. These loans provide the opportunity to purchase luxury properties with competitive rates and terms
Reverse mortgage loans, also referred to as reverse equity loans, are available exclusively to homeowners aged 62 and older. As the name suggests, this type of loan provides the homeowner with either a lump-sum payment or monthly installments. When the loan term ends.
DSCR (Debt Service Coverage Ratio) loans are specialized loan products commonly used for commercial real estate and investment properties. Instead of evaluating the borrower’s personal income, these loans emphasize the property's ability to produce enough income to cover its.
Construction loans are temporary financing solutions intended to support the building or renovation of residential or commercial properties. These loans disburse funds in phases as the construction advances, helping to ease financial strain during the development process.
Non-QM (Non-Qualified Mortgage) loans are mortgage options that fall outside the standard requirements established by government-backed entities like Fannie Mae and Freddie Mac. These loans are often intended for borrowers who don't meet conventional lending standards
Bank Statement Loans provide a flexible financing option for self-employed individuals or those with unconventional income sources. Rather than relying on tax returns, these loans use bank deposit records to verify income, making them well-suited for freelancers.
Home Refinance Loans, often known as refinancing, involve replacing an existing mortgage with a new one, typically with different interest rates or terms. Many homeowners choose to refinance to reduce their monthly payments, obtain a lower interest rate, or access the equity.
Foreign national loans are mortgage programs specifically designed for individuals who are neither U.S. citizens nor permanent residents but are interested in purchasing property within the United States. These loans offer a pathway for foreign investors, expatriates.
Commercial loans are financing solutions created to help businesses meet a range of needs, including purchasing property, funding expansion, or covering working capital. These loans generally provide larger amounts and extended repayment periods compared to personal loans.
