Compare Mortgage Loan Types

common mortgage loan Types. Conventional Mortgage. This is the most commonly used type and usually has the best rates. You’ll typically need at least 10% for a down payment and good credit. Can be for 15 or 30 years or "interest only" where you are not paying any principal in your payment.

Don’t just compare rates and fees when shopping for a mortgage loan. For instance, some types of mortgage companies can get you approved when another can’t.

Va Funding Fee Financed VA Home Loan Closing Costs | – FUNDING FEE. A basic funding fee of 2.15 percent must be paid to VA by all but certain exempt veterans. A down payment of 5 percent or more will reduce the fee to 1.5 percent and a 10 percent down payment will reduce it to 1.25 percent. A funding fee of 2.40 percent must be paid by all eligible Reserve/National Guard individuals.

The differences between these two mortgage types are covered below. A conventional home loan is one that is not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA). Government-insured home loans include the following: FHA Loans

NerdWallet’s loan comparison calculator helps you compare the monthly and total cost of two mortgage, small business or personal loan offers.

To learn about all your options, check out these common types of home loans and whom they’re suited for, so you can make the right choice. related articles When It Comes to Mortgage Rates, Don’t.

The Adjustable Rate Mortgage or ARM is a program where the interest rate and the payments are fixed for certain tenure of the loan. For example, in a 5/1 ARM for the first 5 years the loan will act as a conventional loan which means the interest rate and monthly payments are fixed and after that it would vary depending on the market index.

Small business loans; consumer loan types. The most common consumer loans come in the form of installment loans. These types of loans are dispensed by a lender in one lump sum, and then paid back over time in what are usually monthly payments. The most popular consumer installment loan products are mortgages, student loans, auto loans and.

VA loans are available to service members and veterans, and they can be used for manufactured and modular houses. For homebuyers, there are three basic types of mortgage loan. offer the best terms and most flexibility compared to other loan types for military. 2.

Penny Mac Home Mortgage Mortgage Center – Home Page – Seattle Credit Union – PENNY STAFFORD Mortgage Loan Officer. One visit to Seattle was all it took for Penny to know the Emerald City would be her home. A former California and Mississippi native, Penny loves Seattle’s beautiful scenery and relaxing, genuine atmosphere.

. products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online.