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Easy Qualifier Loans: require limited, alternative documentation or no income or asset documentation. |
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100% Loans: do not require a down payment. |
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Interest Only Mortgage: This type of mortgage allows borrowers to be approved for a bigger loan and more house. The monthly mortgage payments are generally lower than a conventional loan because it only pays the interest on the outstanding loan and does not reduce the principal debt on the loan. |
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Adjustable Rate Mortgages (ARMS) or Variable Rate Loans: typically start with a lower interest rate than most fixed rate loans. The interest rate on these loans will change after a pre-determined amount of time and the monthly mortgage payment adjusts accordingly. After a preset payment period (usually 1, 3, 5, 7, or 10 years) your interest rate may adjust and your mortgage payment will also adjust. |
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Fixed Rate Loans: offer a set interest rate and payment for the full length of the loan usually 15 or 30 years |
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Balloon Mortgage: A short-term loan with equal payments that are usually lower than conventional fixed rate mortgages. |
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Bridge Loans: short term loans that draw on the equity of your existing home to bridge the period between the closing of the home you are buying and the closing of the home you are selling. |
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FHA Loans: are insured by the Federal Housing Administration and allow homeowners to put as little as 3% down payment on a home. |
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VA Loans: are loans guaranteed by the Department of Veteran Affairs and are available to veterans and those currently serving in the military. VA Loans are often done with little or no down payment. |
