There are many types of home loans available for almost any financial situation.  Below, you will find brief explanations of the three most common.

The Conventional Home Loan
TRY OUR MORTGAGE CALCULATORThirty year fixed rate loan - Loan monies are calculated over a thirty year payback making 360 equal payments. The payment includes the principal of the loan and the interest.

Fifteen and Twenty year fixed rate loans - Both the fifteen and the twenty year loans are the same as the thirty year fixed rate loan. However, the interest rate will be a little less than the thirty year interest rate, and the borrower will pay off the loan faster.

Adjustable rate loan - Commonly referred to as an ARM. This loan adjusts its interest rate according to the terms of the loan, which could be every year. There are many variations to this type of loan. Your Mortgage Broker should advise you when this loan would be appropriate for your situation.

Jumbo loans - A jumbo mortgage is a loan higher than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The interest rate is generally higher than the previous loans discussed.
An FHA Mortgage
An FHA mortgage is insured by the Federal Housing Administration. The FHA sets specific guidelines on this type of loan. FHA loans are usually more lenient with borrowers. The qualifications are usually a low down payment and a larger debt to income ratio.
VA Loans
A VA mortgage is guaranteed by the Department of Veterans Affairs. The advantage of this loan is that the borrower can finance the property with no money down. You must have qualified Military service to be able to apply for this loan.

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