| Rate* |
Home Loan Type |
You Might Want This Loan If . . . |
Additional Info |
Apply |
5.5%,
5.65 APR
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Adjustable Rate Mortgages (ARMs) |
You expect to sell your home or increase your income in a few years |
Receive a lower initial interest rate. Rate is fixed for one to ten years and then adjusts according to an index. |
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5.5%,
5.65 APR
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Fixed Rate Mortgage |
You don't want to risk having your loan's interest rate increase. |
Interest rate remains the same for the term of the mortgage. Comes in 15, 20, 25, 30, and 40 year terms |
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Purchases |
You want to purchase a house to live in, for vacations, or as an investment property |
Can have either a fixed or adjustable rate mortgage. You can receive a better rate if you pay at least a 20% down payment. |
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Refinance |
You want to lower your mortgage interest rate or payment or take cash out |
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FHA Purchase |
You are a low or moderate-income earner or have "less than perfect" credit; you are a first time homebuyer; [or you want to purchase a fixer-upper and include the cost of repairs in the loan] |
Allows slightly higher debt than a non-government loan. Minimum down payment is 3%. |
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FHA Streamline Refinance |
You currently have an FHA loan and want a lower interest rate or payment or want cash out |
Has a shortened loan application -- no employment nor assets need to be listed on loan application. |
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FHA Secure Refinance |
You have a Non-FHA ARM that is about to reset or has already reset and you want a lower payment or interest rate |
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FHA Refinance |
You . . . [or you want to repair or remodel your home] |
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VA |
You are a veteran wanting a lower interest rate or payment |
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1st Time Home Buyer |
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Investment or Rental Properties |
You do not plan to live in the house, but are planning to either resell it or rent it |
Investment properties generally require a larger down payment and higer FICO scores than owner-occupied homes |
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Second (2nd) or Vacation Homes (Summer Home, Winter home) |
You plan to live in the home for less than six months out of the year |
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Low Money Down (97% Financing) |
You have good credit and want a small down payment |
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No Mortgage Insurance (Lender Paid) |
your down payment is less than 20% of the home's value or the selling price (whichever is less) |
Will have a higher interest rate than a regular loan, but often has a lower monthly payment than the combined regular loan payment and mortgage insurance payment would have. Additionally, you may be able to take a larger tax deduction. |
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Jumbo |
you want a larger loan -- the size depends on your county |
Jumbo loans generally have higher interest rates than conforming loans |
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Reduced Documentation |
you are self employed for less than two years or are unable to verify either your income or assets. |
Reduced documentation loans have higher interest rates than full documentation loans and require larger minimum down payments |
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