Our Mortgage Options
At the end of the day, everybody wants a mortgage with minimal fees and requirements, a low rate, and a low payment. Easy, right? As it turns out, determining which loan best meets those goals involves a surprising amount of complexity. Many times, there are tradeoffs. While we handle the bulk of the complexity for you, it is also important for us to empower you with an understanding of what your options are. Sometimes there is no obvious best option, and it comes down to you deciding what is best for you and your family.
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That said, below you can explore the many options we have for you. There is a lot to know and the information on our website just scratches the surface. To discuss what options and features make the most sense for your scenario, speak with one of our loan originators.
Click on the product titles below for more details.
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The vast majority of borrowers will purchase their home, or complete their refinance, with a Conventional loan. A Conventional loan is any loan backed by either Fannie Mae or Freddie Mac, which are government-sponsored enterprises. For most borrowers, a Conventional loan will offer you the best financing terms available.
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An FHA loan is a loan insured by the Federal Housing Authority. Created to help borrowers achieve the dream of home ownership, FHA loans are among the least restrictive loans to qualify for, and they can often offer the best financing terms available.
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A VA loan is a loan insured by the Department of Veterans Affairs. Created as an exclusive benefit for US veterans, VA loans are among the least restrictive to qualify for, and they can often offer the best financing terms available.
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A USDA loan is a loan insured by the Department of Agriculture. Created to help those in rural communities achieve the dream of home ownership, and, for those living in rural areas, the USDA loan often offers the best financing terms available.
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A renovation loan is not a loan product itself, but an option available on the loan products listed so far: Conventional, FHA, VA, and USDA loans all have renovation loan options. A renovation loan allows borrowers to buy a home and borrow the funds needed to complete renovations on the property after closing. These programs are harder to qualify for, require more documentation, and have higher interest rates than would otherwise be available.
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Jumbo loans are generally for scenarios where the loan amount needed exceeds the loan limits for a Conventional mortgage. There are instances in which a loan scenario could qualify for either a Jumbo or Conventional loan, but the Conventional loan will usually offer better overall financial terms. Unlike the other loan types mentioned so far, “Jumbo” is a category, not a specific product. While the products above have a specific investor with specific guidelines, there are too many jumbo lenders to count with their own unique rules and options.
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Your typical mortgage requires that you make payments to the lender. With a Reverse mortgage, the lender makes payments to you. These payments could be a lump-sum upfront, a monthly amount for a set number of years, or a monthly amount for the rest of your life. The amount per monthly payment could even vary over time. The lender profits through fees and accessing the equity in your home. There are lots of ways to structure a Reverse mortgage to best fit your scenario and needs.
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A Non-Qualified Mortgage is one that does not meet the government’s requirements to be defined as a Qualified Mortgage. After the 2008 financial crisis, the government set standards in place for Qualified Mortgages to ensure that the vast majority of new mortgages would be more strictly underwritten.
Non-Qualified Mortgages have more generous and unique qualifying features, but they generally come with much higher interest rates and a minimum down payment of 20%. Despite the downsides, Non-Qualified Mortgages make the difference between qualifying or not for many borrowers.
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Commercial loans can be used to finance a significant variety of non-residential properties. Terms and rates can vary significantly depending on the property in question.
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A hard money loan is essentially a loan where the lender can make highly subjective decisions on the terms of financing and qualification. These loans will often have the highest interest rates and fees of all our options, require at least a 20% down payment, and have shorter repayment terms. That said, they are usually the fastest loans to qualify for and close with. They are commonly used by home-flippers who plan to sell quickly or those who want to close quickly and then refinance into a more long-term product shortly after closing.
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