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Shopping for a mortgage to buy your first home can be the best way to get a great deal! Be sure to compare all the costs involved in obtaining a mortgage. Shopping, negotiating, and comparing may save you thousands of dollars in the long run.
These are some of the most common loan types you’ll come across as you search for a mortgage that meets your needs.
Fixed-Rate and Adjustable-Rate Mortgages
These are two of the most popular loan types when buying a home or refinancing your mortgage. Both options are available for conventional conforming loan amounts, jumbo loan amounts, and FHA or VA programs.
These are two of the most popular loan types when buying a home or refinancing your mortgage. Both options are available for conventional conforming loan amounts, jumbo loan amounts, and FHA or VA programs.
FHA and VA Mortgages
Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices. These loans must meet certain requirements.
Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices. These loans must meet certain requirements.
Jumbo Loan Option
If you have a higher property value and are able to manage a larger monthly mortgage payment, consider a jumbo, or non-conforming loan. A jumbo loan provides financing for loan amounts higher than the maximum conforming limits, set by Fannie Mae and Freddie Mac. A “blended jumbo” combines a mortgage and home equity line of credit, and may provide greater payment flexibility.
If you have a higher property value and are able to manage a larger monthly mortgage payment, consider a jumbo, or non-conforming loan. A jumbo loan provides financing for loan amounts higher than the maximum conforming limits, set by Fannie Mae and Freddie Mac. A “blended jumbo” combines a mortgage and home equity line of credit, and may provide greater payment flexibility.
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