There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
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.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in...
USDA Loans are for those who are purchasing a home or property in a rural area. These loans can offer up to a 100% financing but depend, of course, on the buyer and the home in question!
A 203k loan is exactly that and allows buyers to roll the costs of the renovation into your mortgage! So, buyers can either refinance or freshly purchase a home that requires larger renovations and get a loan that covers both!
A reverse mortgage is a unique type of home loan designed for homeowners aged 62 or older, allowing them to convert part of their home equity into cash without having to sell the home or make monthly mortgage payments. It’s an ideal solution for retirees looking to supplement their income, pay off existing mortgages, cover healthcare expenses, or simply enjoy greater financial freedom in retirement.
In an effort to help residents purchase homes instead of staying in rented apartments for years to come, the Delaware State Authority offers eligible applicants affordable home loans and down payment assistance.