MORTGAGE BY SPEEDY

Fixed-Rate Mortgages (FRMs)

30-Year Fixed-Rate Mortgage: The most common type of mortgage. The interest rate and monthly payment remain the same for the entire 30-year term.

15-Year Fixed-Rate Mortgage: Similar to the 30-year, but with a shorter term, resulting in higher monthly payments but less interest paid over the life of the loan.

Adjustable-Rate Mortgages (ARMs)

5/1 ARM: The interest rate is fixed for the first five years, then adjusts annually based on the market. Often has lower initial rates than fixed-rate mortgages.

7/1 ARM: Similar to the 5/1 ARM but with a seven-year fixed period before adjustments begin.

Government-Backed Loans

FHA Loans: Insured by the Federal Housing Administration, these loans are popular with first-time homebuyers and those with lower credit scores. They require a lower down payment.

VA Loans: Available to veterans and active military members, these loans are backed by the Department of Veterans Affairs. They often require no down payment and offer competitive interest rates.

USDA Loans: Offered by the U.S. Department of Agriculture, these loans are designed for rural and suburban homebuyers. They require no down payment and have lower interest rates.

Jumbo Loans

For high-value properties that exceed the limits set by Fannie Mae and Freddie Mac. They typically have stricter credit requirements and higher interest rates.

Bank Statement Loans

Take advantage of multiple loan products that offer more transparency into investor guidelines and borrower qualifications and allow self-employed borrowers to qualify, simply by providing personal or business bank statements instead of income documents or transcripts.

Conventional Mortgages

Not insured or guaranteed by the federal government. These loans typically require a higher credit score and a larger down payment but can offer competitive rates.

Construction Loans

Short-term loans used to finance the building of a home. Once construction is complete, the loan can be converted into a permanent mortgage.

Home Equity Loans

Also known as a second mortgage. These loans allow homeowners to borrow against the equity in their home, typically used for home improvements, debt consolidation, or other major expenses.