Types of Loans
When looking at your home lending options, you may find that the options seem almost unending. There are numerous loan programs, terms, rate types, payment types, and with every lender or broker you may see even more variance! It can be a lot to take in if you’re diving into this for the first time. Hopefully we can help you sort through it all! When you filter through everything, for the most part mortgage loans can often be grouped into one of three general classifications:
When it comes to Purchase and Refinance home loans, the name alone tells you the purpose for the mortgage. With a HELOC (Home Equity Line of Credit), it can be utilized in either of these categories, but is also completely unique to the others in terms of how it is structured, and the number of uses for which it can apply.