Which Mortgage is Right for You?

Jumbo Loans

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for aDown payment assistance (DPA) provides financial aid to homebuyers to help cover the upfront costs of purchasing a home, such as the down payment and closing costs. Common types include grants, which do not require repayment; forgivable loans, which are erased after a set period if certain conditions are met; deferred loans, which delay repayment until the home is sold or refinanced; and low-interest loans, which provide additional funding with favorable terms.

Home Equity Lines & Loans

A HELOC (home equity line of credit) is a revolving form of credit with a variable interest rate, similar to a credit card. The line of credit is tied to the equity in your home as a second mortgage. It allows you to borrow and repay funds on an as-needed basis during a specified period of time. After that, you’ll pay back the amount you borrowed in installments. Typically, the total length of a HELOC is 30 years.

A home equity loan is a type of second mortgage secured by the equity in your home. It offers a set amount at a fixed interest rate, so it’s best for borrowers who know exactly how much money they need. You’ll receive the funds in a lump sum, then make regular monthly repayments amortized over the term of the loan, typically as long as 30 years.

New Construction & Renovation Loans

Construction loans are loans that fund the building of a residential home from the land purchase to the finished structure. Common types are a standalone construction loan — a short-term loan (generally with a year-long term) — which only finances the building phase, and a construction-to-permanent loan, which converts into a mortgage once the construction is done. 

A renovation loan provides funding for homeowners or buyers wanting to make extensive repairs or upgrades to a property. Unlike other types of loans, renovation loans are based on a home’s after-repair value (ARV), or its estimated value once renovations are complete. While similar to a construction loan, a renovation loan is used for home upgrades or adding onto an existing home, rather than building one from the ground up.

Down Payment Assistance 

Down payment assistance (DPA) provides financial aid to homebuyers to help cover the upfront costs of purchasing a home, such as the down payment and closing costs. Common types include grants, which do not require repayment; forgivable loans, which are erased after a set period if certain conditions are met; deferred loans, which delay repayment until the home is sold or refinanced; and low-interest loans, which provide additional funding with favorable terms.