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Home Loan Types

We offer a wide variety of terms and programs. Whatever your circumstances, our Loanwise specialists will help determine what mortgage is right for you.

Loan Types Comparison

This chart gives you a simple overview of the common home-loan types and our recommendations. To narrow your options down, choose your top priority from the drop-down menu.

For more information, please select one of the loan types from the drop-down menu below.

= Recommended
= Good
= Varies
LOAN OPTIONS
Monthly Payment
Overall Cost
Qualifications
Loan Limit
30-Year Fixed-Rate Mortgage A tried-and-true convenional loan
15-Year Fixed-Rate Mortgage Save money in the long run
Adjustable Rate Mortgage Great if you plan to sell within a few years
FHA Loan Modest credit? Humble income? No problem!
Jumbo Loan The best loan for the most expensive homes
VA Loan Get rewarded for serving your country

I know which loan option is best for me.

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30-Year Fixed-Rate Mortgage

This old standard is still one of the most popular mortgage types in the United States thanks to its affordability and its straightforward, future-proof terms. If you want to enjoy the same low monthly payment over the whole life of your loan, look into a 30-year fixed-rate mortgage. Recommended for its low fixed monthly payment.

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15-Year Fixed-Rate Mortgage

Paying a little more every month will build your equity a lot faster. If you want to own your home outright in half the time and save a fortune on interest in the process, a 15-year fixed-rate mortgage may be the option for you. Recommended for its lower overall cost.

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Adjustable Rate Mortgage

Many homebuyers still assume that a fixed-rate mortgage is best for their finances, but that’s often not the reality for people who move every few years. If you plan on moving out and moving up in the near future, see how you can save money in the meantime with an adjustable-rate mortgage. Recommended for its lower introductory interest rate.

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FHA Loan

If buying your own home has felt like a distant dream to you, you may be able to get assistance from the Federal Housing Administration. When your resources are strained by the requirements of a conventional mortgage, find out how an FHA loan can put homeownership within your reach. Recommended for its easier qualification requirements.

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Jumbo Loan

A grand home needs a grand mortgage to go with it. If you’re eyeing a property with a high purchase price, make sure you know about conventional loan limits and the requirements of a jumbo loan. Recommended for financing expensive homes.

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VA Loan

Did you know that one of the greatest benefits of serving in the military is federal help with buying a home? If you’re an active duty service member, a veteran, or an eligible spouse, a VA loan will very likely be your best choice. Recommended for its easier qualification requirements and zero down payment option.

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Other Loan Types

We offer additional programs and products to serve borrowers with more specialized financing needs.

  • HARP

    If you bought your home before 2009 and you still have low or no equity, the Home Affordability Refinance Program is here to help. Refinancing with a HARP loan can offer access to today’s lower rates, but the program is set to expire this year, so you have to act now.

  • USDA

    In certain rural and suburban areas, a USDA Loan makes it possible for families with moderate or low income to buy a home with no down payment. If you’re looking at an address far from the city, see if it’s USDA eligible.

  • Construction-Perm

    A Construction-to-Permanent Loan gives you a flexible draw schedule to make building a brand-new home easy, and once the home is finished, the loan is rolled right into a standard mortgage. Since it’s all in one loan, there’s only one application and closing to do.

  • FHA 203K

    The Federal Housing Administration’s 203K Loan program combines a construction loan with a standard FHA mortgage, making it easy to roll the cost of repairs and improvements into your home loan whether you are buying a new home or refinancing your mortgage.

  • HomeStyle Renovation

    If you’re living in a humble old residence — or you’re looking to buy one at a bargain price — Fannie Mae’s HomeStyle Renovation Loan will allow you to include the cost of upgrades and repairs in your mortgage when you purchase or refinance your home.

  • Alt-A

    Trying to qualify based on assets or investment income? Don’t have enough credit history for traditional FICO scores? Whether you’re an investor, a foreign national, or any other kind of homebuyer with an uncommon set of circumstances, we will find a mortgage program for you.

Questions?

Speak with one of our experienced senior loan officers today about buying or refinancing a home.