In this section, you'll find definitions of many types of home loans. To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with your Mortgage Consultant.

Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjustable periodically based on a pre-selected index. This often has lower monthly payments, and it also has a ceiling above which payments cannot go.

Debt Consolidation: A loan that combines monthly bills (for example, high interest credit cards and car loans) into one new low low-interest home loan with one low monthly payment. This type of home loan can save a borrower hundreds of dollars every month.

FHA Loan: A loan insured by the Federal Housing Administration. An FHA Loan is usually available at an attractive lower rate. It is open to all qualified borrowers.

Fixed-Rate Mortgage: A mortgage for which the interest rate will remain the same throughout the entire term for the original borrower.

Home Equity Line of Credit (HELOC): A loan for which you can either receive a large sum of money or have an open line of credit that can be drawn as it is needed, with, typically, low interest rates.

Home Purchase Loan: A loan to finance the purchase of real estate. With a variety of home purchase loans, we make the home buying process simple and can close your loan quickly.

Interest-Only: This type of loan is most popular with homeowners who have homes that are appreciating in value and who want the lowest payment possible. Qualified borrowers make interest-only payments with the choice to make higher payments in order to reduce the principal. There are a variety of options, including making interest-only payments during the first 3, 5, or 7 years of these mortgages.

Mortgage Refinance: A new loan made to a borrower who currently owns a property or has a first mortgage on it. Refinancing either pays off the existing mortgage with a new first mortgage, or a second mortgage is made in addition to the existing first mortgage.