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.

About 15-Year Fixed-Rate Loans

This 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’ll 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.

About FHA Home Loans

With an FHA loan, your down payment for your home purchase is 3.5%.  This low down payment option enables more people to purchase homes.  Additionally, FHA is more flexible and accepting of credit histories that might have a few blemishes on them.

About VA Home Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA).  The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).   A huge benefit of a VA loan is that a down payment is not needed, so you can finance 100% of the purchase price.  Additionally, VA loans also do not have monthly mortgage insurance.

About Jumbo Home Loans

A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2024, loan amounts of $766,501 or higher are jumbo loans.