Leave a Message

Thank you for your message. We will be in touch with you shortly.

Types Of Mortgages You Need To Know About

August 8, 2021

Real Estate

Types Of Mortgages You Need To Know About

Before you purchase a home, it’s important to educate yourself about the various types of mortgages you can get so you can make the right decision when the time comes to choose yours.

Fixed-Rate. The most popular on the market, a fixed-rate mortgage, is ideal for homeowners who expect to stay in their homes for many years. This loan makes it easier to plan your budget year over year with a fixed interest rate and monthly payment.

Adjustable-Rate. This type of mortgage offers a lower interest rate and monthly payment at first, then slowly increases as time goes on. This type of loan can be beneficial for younger homebuyers who expect to grow in their careers and make more money in the future.

Government-Insured. There are several types of government-backed mortgages, including Federal Housing Administration (FHA) loans, U.S. Department of Veterans Affairs (VA) loans, United States Department of Agriculture (USDA) loans, and more. These programs can help you finance a home if you meet each one’s qualifications.

Conforming. A conforming loan falls within the maximum limits set by government agencies that back most U.S. mortgages, Fannie Mae and Freddie Mac. With this type of mortgage, borrowing costs and required down payment is generally less, but interest rates can be slightly higher.

Jumbo. This type of conventional loan applies if the home’s price exceeds federal loan limits. Your credit score generally must exceed 700, and you are required to make a larger down payment. However, it allows you to borrow more money to purchase a more expensive home.

For more money tips, click here

Explore Our Other Blogs

Stay Updated On Our Most Recent Blog Posts

Buyer's Real Estate Tips

How Much Money Do I Really Need to Buy a House in San Jose?

Thao Dang Pham  |  July 3, 2025

How Much Money Do I Really Need to Buy a House in San Jose?
Is San Jose Really a Wealthy Area? Unpacking Income, Housing & Lifestyle

Real Estate

Is San Jose Really a Wealthy Area? Unpacking Income, Housing & Lifestyle

Brian Ng  |  July 2, 2025

Is San Jose Really a Wealthy Area? Unpacking Income, Housing & Lifestyle
Avoid Realtor Regret How to Spot a Trustworthy Partner for Your San Jose, Evergreen & Silver Creek Ventures

Real Estate

Avoid Realtor Regret: How to Spot a Trustworthy Partner for Your San Jose, Evergreen & Silver Creek Ventures

Brian Ng  |  July 2, 2025

Avoid Realtor Regret: How to Spot a Trustworthy Partner for Your San Jose, Evergreen & Silver Creek Ventures
Is San Jose Real Estate Too Expensive? A Deep Dive into Prices, Rents & Value Drivers

Buyer's Real Estate Tips

Is San Jose Real Estate Too Expensive? A Deep Dive into Prices, Rents & Value Drivers

Thao Dang Pham  |  July 1, 2025

Is San Jose Real Estate Too Expensive? A Deep Dive into Prices, Rents & Value Drivers
Is Now the Right Time Evaluating San Jose, Silver Creek & Evergreen Opportunities with an Honest Realtor

Real Estate

Is Now the Right Time? Evaluating San Jose, Silver Creek & Evergreen Opportunities with an Honest Realtor

Thao Dang Pham  |  July 1, 2025

Is Now the Right Time? Evaluating San Jose, Silver Creek & Evergreen Opportunities with an Honest Realtor

Real Estate

Are San Jose Home Prices Really Dropping? What the Data Shows in Evergreen, Almaden & Silver Creek

Brian Ng  |  June 30, 2025

Are San Jose Home Prices Really Dropping? What the Data Shows in Evergreen, Almaden & Silver Creek

Let's Talk

You’ve got questions and we can’t wait to answer them.

FOLLOW US ON INSTAGRAM