Which type of home loan is right for me
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Of course, we'll be happy to help you choose the best type of home loan for your needs, but it only takes a few minutes to review your home loan options and get an idea of what might provide the best value for you.
Fixed rate mortgage
30-year
Settle down for the long haul with a 30-year fixed rate mortgage. Because of the steady interest rate inherent to a conventional 30-year fixed rate mortgage, you can look forward to consistent monthly payments for many years to come, providing you with peace of mind and a consistent budget. We recommend this type of home loan if you're planning to stay in your home for a minimum of 5-10 years.
More about 30-year fixed rate mortgages
15-year
Pay off your home twice as fast with a 15-year fixed rate mortgage. Your rate stays the same throughout the life of the loan, giving you secure and predictable monthly mortgage payments and less interest on your loan. Get on the fast track to amortization with this home loan option.
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
With interest rates on the rise, get the peace of mind of a fixed rate loan, and the flexibility you need with our home equity line of credit to help you fund home improvements & consolidate debt.
Home renovation loan
Finance a renovation, remodel or big repair project with a home improvement loan. Home renovation loans let you breathe new life into your home or a home you’re about to purchase.
Jumbo loan
Move into your forever home with a jumbo loan. Need a loan that exceeds the current conforming limit? A fixed or adjustable jumbo mortgage can help you make your move. This type of home loan will allow you to buy a lot of real estate and also requires more stringent credit guidelines and a larger down payment.
Government
FHA loan
Make your home ownership dreams come true with an FHA loan. Featuring flexible credit restrictions and down payment options as low as 3.5%, an FHA loan is a popular type of loan for first-time home buyers.
VA home loan
Enjoy exclusive military benefits with a VA loan. If you are a veteran or an active-duty service member, a VA loan offers less restrictive credit guidelines and low down payment options for you and your family.
Interest only mortgage
Free up your cash flow with an interest only mortgage. Take advantage of the low monthly payments right off the bat to afford a more expensive home and invest your income elsewhere.
Specialty Loans
Traditional conventional loan programs may not be right for every Borrower. 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).
Reverse Mortgage
For homeowners over 62, get access to home equity with no monthly principal & interest mortgage payment.
Now that you have some ideas about your home loan options...
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Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
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