Mortgages
Find the perfect loan for you.
There are various types of mortgage options available, and taking a few minutes to explore your options can be beneficial. Understanding the different types of home loans can help you determine which one offers the best fit for your needs. Don’t worry, we’re here to guide you through the process and help you select the most suitable loan option. But first, take some time to review and compare your options to get an idea of what works best for you.
Fixed rate mortgage
30-year
A 30-year fixed-conforming mortgage is a type of home loan with a fixed interest rate and a term of 30 years. The term ‘conforming’ refers to the fact that the loan meets the guidelines set by government-sponsored entities like Fannie Mae and Freddie Mac. These guidelines include limits on the loan amount, borrower credit score, and debt-to-income ratio, among other factors.
15-year
A 30-year fixed-conforming mortgage is a type of home loan with a fixed interest rate and a term of 30 years. The term ‘conforming’ refers to the fact that the loan meets the guidelines set by government-sponsored entities like Fannie Mae and Freddie Mac. These guidelines include limits on the loan amount, borrower credit score, and debt-to-income ratio, among other factors.
Adjustable rate mortgage
Keep your options open with an adjustable rate mortgage (ARM). This type of home loan features an interest rate that changes after a fixed amount of time. ARMs are a great home-buying option and typically offer lower interest rates than fixed mortgages and extra protection with rate caps.
*After the initial time period, the rate fluctuates with the market and can go up.
More about 5-year adjustable rate mortgages
More about 7-year adjustable rate mortgages
Home equity line of credit
HELOCs typically consist of two main phases: the draw period and the repayment period. During the draw period, which usually lasts between 5 to 10 years, borrowers can withdraw funds as needed and are generally required to make interest-only payments on the amounts borrowed. Following the draw period, the HELOC transitions into the repayment period, which commonly spans 10 to 20 years. During this time, the borrower can no longer draw additional funds and must repay both the principal and interest.
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Home renovation loan
Home improvement loans can be utilized for a wide range of projects, whether they involve minor updates or extensive renovations. Popular uses include kitchen and bathroom remodels, roof repairs, new flooring, energy-efficient upgrades such as solar panels or insulation, and even adding additional rooms or outdoor living spaces. By offering a dedicated source of funds, these loans ensure that homeowners can proceed with their projects promptly, addressing urgent repairs or capitalizing on opportunities to modernize their homes.
Home renovation loan
Home improvement loans can be utilized for a wide range of projects, whether they involve minor updates or extensive renovations. Popular uses include kitchen and bathroom remodels, roof repairs, new flooring, energy-efficient upgrades such as solar panels or insulation, and even adding additional rooms or outdoor living spaces. By offering a dedicated source of funds, these loans ensure that homeowners can proceed with their projects promptly, addressing urgent repairs or capitalizing on opportunities to modernize their homes.
Jumbo loan
Securing a jumbo loan offers numerous advantages, particularly for those looking to purchase higher-value real estate. One of the primary benefits of a jumbo loan is its ability to finance properties that exceed conventional loan limits, making it possible to acquire homes in more desirable locations. This expands your purchasing power, allowing you to consider premium neighborhoods, often characterized by superior amenities, better school districts, and enhanced community services.
Government
FHA loan
FHA loans serve as a critical tool in promoting homeownership among low-to-moderate income individuals. The combination of government insurance, flexible credit requirements, and lower down payments makes FHA loans an attractive option for many first-time homebuyers. As we delve deeper into the specifics of FHA loans, it’s crucial to understand these foundational elements that distinguish them from other mortgage options.
VA home loan
VA home loans are a critical resource for military members seeking to achieve homeownership. These mortgage loans are guaranteed by the Department of Veterans Affairs (VA), making them a unique and advantageous option for eligible veterans, active-duty service members, and surviving spouses. The primary purpose of the VA loan program is to facilitate the home buying process for those who have served or are currently serving in the military, offering them a pathway to secure and stable housing.
Interest only mortgage
One of the most compelling advantages of an interest-only mortgage is the significantly lower monthly payments during the interest-only period. This financial arrangement allows borrowers to pay solely the interest on the loan for a predetermined period, typically ranging from five to ten years. By deferring principal repayment, homeowners can enjoy drastically reduced monthly obligations compared to traditional mortgages where both interest and principal are paid simultaneously.
Foreign National Mortgage
A foreign national loan is a type of loan specifically designed for non-US citizens or foreign nationals who want to purchase or refinance a property in the United States. These loans typically have different requirements and terms compared to traditional mortgages, as they often involve additional risks for lenders.
Specialty Loans
Traditional conventional loan programs may not be right for every Borrower. Guaranteed Rate offers specialty niche programs to support all kinds of homeownership needs, such as Non-QM loan, Foreign National loan, Bank Statement loan, and Physician loan.
Specialty loans may be worth considering if a Borrower is self-employed, is an investor or house flipper, has recent poor credit, is a medical practitioner, or is a foreign national (not a US Citizen).
ITIN Home Loans
ITIN home loans are specialized mortgages for borrowers who don’t have Social Security numbers but instead have Individual Taxpayer Identification Numbers. Here are some things you should know about ITIN home loans
Reverse Mortgage
For homeowners over 62, get access to home equity with no monthly principal & interest mortgage payment.