Fixed Rate Mortgage (FRM)
FRM are the most common type of loan option, traditional fixed-rate mortgage includes monthly principal and interest payments which never change for the entire term of the loan. FRM are a popular choice for homeowners who prefer a stable, single payment and the ability to plan a budget based on this fixed cost.
Adjustable Rate Mortgage (ARM)
Adjustable-rate mortgages is a loan program that includes interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Jumbo Mortgage
A Jumbo mortgage is a mortgage for anybody wanting to finance more than $484,350 in one loan. Due to the amount of money being financed, Jumbo mortgages typically have tighter approval guidelines.
FHA Loan
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. FHA mortgage loans are often available to home buyers who do not qualify for “traditional” mortgages.
VA Mortgage
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans low interest rates and no down payment requirement. VA loans assist service members, veterans and eligible surviving spouses to become homeowners.