Mortgage Loan Types

Types of Mortgage Loans

• Conventional loan: Best for borrowers with good credit scores
• Jumbo loan: Best for borrowers with excellent credit looking to buy a more expensive home
• Government-backed loan: Best for borrowers who have lower credit scores and minimal cash for a down payment
• Fixed-rate mortgage: Best for borrowers who’d prefer a predictable, set monthly payment for the duration of the loan
• Adjustable-rate mortgage: Best for borrowers who aren’t planning to stay in the home for an extended period, prefer lower payments in the short term and are comfortable with possibly having to pay more in the future