Fixed-rate mortgages offer a consistent interest rate throughout the loan term, making budgeting easier and ensuring stable monthly payments.
Adjustable-rate mortgages (ARMs) feature a variable interest rate that changes periodically, potentially offering lower initial rates but with some payment fluctuation.
FHA loans are backed by the Federal Housing Administration, making them ideal for first-time buyers or those with lower credit scores due to lower down payment requirements.
VA loans are designed for veterans and active military members, offering benefits like no down payment and competitive interest rates.
USDA loans are aimed at rural and suburban homebuyers, providing low-interest rates and zero down payment options for qualifying buyers in eligible areas.
Interest-only mortgages allow you to pay only the interest for a set period, after which you start paying both principal and interest, potentially lowering initial payments.
Jumbo loans exceed conventional loan limits, allowing for larger home purchases, but they often come with stricter credit requirements and higher interest rates.