HOME FINANCING
Compare Your Mortgage Options
Compare common mortgage options and learn how each may fit different financial goals, properties, and borrower needs.
CONVENTIONAL MORTGAGES
Flexible Financing for a Wide Range of Needs
A conventional mortgage is a home loan that isn't insured or guaranteed by a government agency. It's one of the most common financing options and can offer flexibility in loan terms, down payments, property types, and rate structures.
A conventional mortgage may be worth considering if you:
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Have established credit and steady income
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Want flexibility in your down payment and loan term
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Are purchasing a primary residence, second home, or eligible investment property
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Want the option of fixed- or adjustable-rate financing
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Prefer mortgage insurance that may eventually be removed when applicable requirements are met
What to Know About Conventional Mortgages:
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Down Payment
Options may be available with relatively low down payments, although requirements vary based on borrower qualifications, property type, and loan program.
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Mortgage Insurance
Private mortgage insurance (PMI) is generally required when the down payment is below certain thresholds. Unlike FHA mortgage insurance, PMI may be removable once applicable requirements are met.
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Loan Limits
Conventional loans that fall within limits established for Fannie Mae and Freddie Mac are considered conforming loans. Loans above applicable conforming limits may require jumbo financing.
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Rate Options
Depending on the program, conventional financing may be available with either a fixed or adjustable interest rate.
JUMBO MORTGAGES
More Financing Flexibility for Higher-Value Homes
When the amount you need to borrow exceeds applicable conforming loan limits, a jumbo mortgage may provide the additional financing needed to purchase or refinance a higher-value property.
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Because jumbo loans involve larger loan amounts, qualification requirements can differ from conventional conforming financing.
A jumbo mortgage may be worth considering if you:
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Are purchasing or refinancing a higher-value property
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Need financing above the applicable conforming loan limit
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Have strong credit and established income
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Have sufficient assets or financial reserves
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Want the flexibility of fixed- or adjustable-rate financing
What to Know About Jumbo Mortgages:
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Loan Amounts
Jumbo financing begins when the loan amount exceeds the applicable conforming loan limit for the property and location.
Qualification
Credit, income, debt-to-income, reserve, and down payment requirements may be more stringent because of the larger loan amount.
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Down Payment
Requirements vary considerably by lender, loan amount, property type, and borrower qualifications.
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Rate Structure
Both fixed-rate and adjustable-rate jumbo financing may be available depending on the loan program.
FHA MORTGAGES
Flexible Financing With a Lower Down Payment Option
FHA loans are insured by the Federal Housing Administration and are designed to make homeownership accessible to a broader range of qualified borrowers.
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They can be particularly useful for buyers who want a lower down payment option or greater flexibility in certain qualification requirements.
An FHA mortgage may be worth considering if you:
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Have a smaller down payment available
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Are working on building or rebuilding credit
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Want more flexible qualification guidelines
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Are purchasing a home you intend to use as your primary residence
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Want to compare FHA financing with conventional alternatives
What to Know About FHA Mortgages:
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Down Payment
FHA loans can allow relatively low down payments for borrowers who meet applicable requirements.
Credit & Qualification
FHA guidelines may provide more flexibility than some conventional programs, although borrowers must still meet lender and FHA requirements.
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Mortgage Insurance
FHA financing includes mortgage insurance premiums. How long those premiums remain depends on the loan structure and applicable FHA requirements.
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Property Requirements
The home generally must be a qualifying primary residence and meet applicable FHA property standards.
VA MORTGAGES
A Home Financing Benefit Earned Through Service
VA loans are backed by the U.S. Department of Veterans Affairs and provide eligible veterans, active-duty service members, and certain surviving spouses with valuable home financing benefits.
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For eligible borrowers, VA financing can provide significant advantages when purchasing or refinancing a primary residence.
An VA mortgage may be worth considering if you:
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Are an eligible veteran or active-duty service member
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Are an eligible surviving spouse
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Want to explore financing with no down payment requirement
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Want to avoid monthly private mortgage insurance
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Are purchasing a home you plan to occupy as your primary residence
What to Know About VA Mortgages:
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Down Payment
Eligible borrowers may be able to finance a home without a down payment, subject to VA and lender requirements.
VA Funding Fee
A one-time VA funding fee may apply, although certain eligible borrowers may be exempt.
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Mortgage Insurance
VA loans do not require monthly private mortgage insurance.
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Eligibility
VA eligibility is based on qualifying military service and other applicable requirements. A Certificate of Eligibility helps establish entitlement.
UNDERSTANDING LOAN STRUCTURE
Fixed or Adjustable? Understanding Your Options
In addition to choosing a mortgage program, you'll also want to consider how your interest rate is structured and how long you want to finance the loan. These choices can affect your monthly payment and overall borrowing costs.
Fixed-Rate Mortgage
The interest rate remains the same for the life of the loan, providing consistency in principal and interest payments. Fixed-rate mortgages are commonly available with terms such as 15, 20, or 30 years, depending on the loan program.
Adjustable-Rate Mortgage (ARM)
The interest rate is generally fixed for an initial period and may then adjust periodically based on the terms of the loan. ARMs may be worth considering depending on how long you expect to own the home or keep the financing.
Loan Term
The length of your mortgage also matters. A shorter term may mean higher monthly payments but less interest paid over time, while a longer term may provide a lower monthly payment but more interest over the life of the loan.
Not sure which structure makes sense? We'll help you compare the options based on your goals and how long you expect to keep the financing.
REFINANCING
Make Your Current Mortgage Work Better
Whether you want to lower your payment, access equity, consolidate debt, or change your loan terms, refinancing may help better align your mortgage with your needs today.
Rate & Term Refinance
​Change your interest rate, loan term, or both to better align your mortgage with your current financial goals.​​​​
Debt Consolidation
​Use available home equity to consolidate higher-interest debts into your mortgage and simplify monthly obligations.​​​
Cash-Out Refinance
​Replace your current mortgage with a larger loan and access a portion of your available home equity in cash.​​
​​Zero-Cost Refinance
​Explore refinancing with no upfront lender closing costs, typically in exchange for a higher interest rate than a loan with upfront lender costs.
Explore Refinancing Options →​​​​​
HOME EQUITY OPTIONS
Make Your Home Equity Part of the Plan
Your home equity can provide greater financial flexibility at different stages of life—from accessing equity today to supporting retirement, changing care needs, or a future move.
SPECIALITY FINANCING
Financing for Unique Opportunities
Some financing needs don’t fit neatly into a traditional mortgage. Explore flexible lending options for unique properties, investment opportunities, and situations that may require a more specialized approach.