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Applying for a Loan

Choosing a mortgage

A mortgage is a real estate loan for a specific amount of money will be loaned at a specific interest rate for a specific period of time.

There are a variety of mortgage types:

• Fixed-Rate Mortgages are the most popular type of mortgage. They offer an interest rate that will remain the same for as long as you have your loan. Stretching out your repayment term means your monthly mortgage payment will be less than it would be with a comparable shorter-term mortgage.
• Adjustable-Rate Mortgages (ARMs) offer an interest rate that adjusts periodically to keep it in line with changing market rates.
• Low and No Down Payment options allow for as little as three percent down, or no down payment at all for borrowers with excellent credit but with minimal funds for a down payment. Some products come with no income restrictions for homebuyers with excellent credit.
• Special Financing Mortgages were created for homebuyers with special needs, such as low- and moderate-income people who have disabilities or who have family members with disabilities living with them. Some programs are created for people in certain occupations, such a police officers and public school teachers. (See the Home Program section of this website for a list of programs available in your area).