Understanding Your Loan Options
FHA Loans, USDA and VA Mortgages
These loan options allow you to put little or no money into a down payment, making home ownership a reality for those who might otherwise be left out.
Fixed-Rate Home Loans
Provide the security of knowing that your principal and interest payments will remain consistent throughout the life of your loan.
Adjustable Rate Mortgages
Optimal for home-buyers who plan on owning their homes for a few years. An “ARM”, or “Adjustable Rate Mortgage” has a fluctuating interest rate and the potential for changing payment amounts. In most ARM mortgages, the interest rate on a loan is fixed for a certain number of years and then allowed to fluctuate in sync with current economic factors.
Home Equity Loans
Home equity loans are second mortgages. They are most often used for home improvements or to consolidate credit card and other high interest rate debt.