The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. A 30-year fixed-rate loan may be a good option if you plan on staying in your home for years to come.

A 15-year fixed-rate mortgage loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you will own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years.

An Adjustable Rate Mortgage is often referred to as an ARM. Unlike fixed-rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is lower than that of a fixed-rate mortgage, consequently, an ARM may be a good option to consider if you plan to own your home for only a few years, you expect an increase in future earnings, or the prevailing interest rate for a fixed mortgage is too high.

A FHA loan is an attractive option for home buyers with a few bumps in their financial history. These loans are insured by the Federal Housing Administration (FHA).

If you qualify for a FHA loan, it may make it easier for you to buy a home. Borrowers who cannot afford a traditional down payment of 20% or are unable to receive approval for private mortgage insurance may consider a FHA loan as a down payment of only 3.5% is required.

If you’re a military veteran or still in active service, you may qualify for a U.S. Department of Veterans Affairs (VA) loan. These often require no down payment and have lower closing costs, which can help keep your savings secure.

There are many benefits to jumbo loans. One of the biggest benefits is that financing options are available up to $3,000,000. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk.

A FHA 203K loan allows the borrower to finance the home, plus provides financing to do the necessary renovations to the home.

The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are minimal and often include a favorable interest rate.

The United States Department of Agriculture (USDA) gives borrowers the opportunity to own a home outside of the city limits. There are several benefits of a USDA loan for borrowers who qualify, including flexible credit underwriting requirements and no down payment required.

A reverse mortgage is a loan for individuals age 62 and older.

A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you’ve worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit.