Mortgage Types

A mortgage is a formal contract between you and a lender that lets you borrow money to buy or refinance a property. Prior to entering into this arrangement, it is important to explore the various mortgage choices available to you.

Fixed Rate

Adjustable Rate

FHA Loans

VA Loans

Conventional

Jumbo Loans

USDA Loans

Reverse

Fixed Rate

This type of mortgage has an interest rate that remains the same for the entire term of the loan.

Adjustable-Rate Mortgages

This type of mortgage has an interest rate that can change over time, based on market conditions.

FHA Loans

A loan insured by the Federal Housing Administration (FHA) designed for low-to-moderate income borrowers.

VA Loans

A loan guaranteed by the Department of Veterans Affairs (VA) for eligible veterans and their spouses.

Conventional Mortgages

A loan that is not insured or guaranteed by the government and typically requires a higher credit score and down payment.

Jumbo Loans

A loan that exceeds the maximum conforming loan limit set by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac.

USDA Loans

A loan offered by the U.S. Department of Agriculture (USDA) for low-to-moderate income borrowers in rural areas.

Reverse

A loan designed for homeowners 62 years of age or older that allows them to convert their home equity into cash.

The Mortgage Daily Overview

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Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

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4.75%

30 YEAR FIXED
$200,000 LOAN

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3.99%

3 YEAR
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2.24%

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