Mortgage Loans
Buying a home is an exciting time, but it is also one of the biggest financial decisions you will make. We can help make your decision less stressful by ensuring you have the financing best suited for your situation. To get started, visit our online application website. You'll find tools to help you discover which loan type works best for you and calculate everything from monthly payments to when your loan will be paid off.
We'll make buying or refinancing your home easy
Online Mortgage Tools
Take the guesswork out of product and rate selection. Use the Mortgage Loan Term Comparison chart below to determine which home loan is best for you. You can also estimate your closing costs for easy and helpful product comparisons with other lenders. When you're ready to get pre-approved, just fill out our quick online application.
Federal Housing Administration (FHA) Loan vs. Conventional Mortgage
FHA loans are insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. FHA borrowers pay mortgage insurance premiums, which cover the loan should it not be repaid. This allows for more flexible lending qualifications and attractive rates, but some property restrictions may apply.
An FHA loan is good if:
- You have a small down payment (3.5% minimum)
- You have less-than-perfect credit history
- Or you are a first-time home buyer
Conventional Mortgages offer different types of loans like fixed, adjustable, jumbo, and construction to permanent. Unlike FHA loans, conventional mortgages are not insured by the government. This means that most lenders require a 20% down payment or private mortgage insurance, but in turn, are able to offer lower rates and quicker processing for conventional loans.
A conventional mortgage is good if:
- You have a larger down payment
- You have good credit history
- Or the property doesn't meet FHA guidelines
Mortgage Loan Term Comparison
30-Year Fixed Rate Mortgage |
15-Year Fixed Rate Mortgage |
Adjustable Rate Mortgages (ARM) |
Hybrid ARM |
|
|---|---|---|---|---|
| Good choice if you: | Plan to stay in your home for 7+ years | Want to payoff your home quickly | Move frequently or only plan to own for a short-term | Plan to move or refinance in the next 3-7 years |
| Your payment: | Stays the same each month and is lower than a 15-yr mortgage | Stays the same each month | May change on a monthly/annual basis | Stays the same for a period of time but may change on a monthly/annual basis after a rate adjustment occurs |
| Your interest rate: | Never changes | Never changes and may be slightly lower than a 30-yr mortgage | May be lower than other rates initially but is recalculated every month/year | Stays the same for a period of time but is recalculated every month/year after the that period ends |
| Watch out for: | Fixed rate mortgage qualifications may be stricter than ARMs | Higher monthly payments and insignificant differences between 30-yr & 15-yr rates | Unpredictable payment amounts and rising interest rates | Larger payments after the rate adjustment occurs |