Fixed Rate Loans  You decide on 10, 15, 20 or 30 year term.  Fixed rate loans are popular due to the security they provide.  You are assured that the rate will never change.  This may be your best option if you plan on being in your home for a long time without refinancing.

Adjustable Rate Mortgages (ARM)   If you plan on moving or refinancing in the next 10 years ARM’s are usually the right choice.  They have significantly lower interest rates and payments.  You will have the choice to lock in the interest rate for 1, 3, 5, 7 or 10 years before the rate can adjust.  Today virtually all ARM loans come without a prepayment penalty.

FHA Loans  These purchase or refinance loans are government assisted alternatives to conventional financing.  They provide much more flexibility with income and credit and down payment.  This often makes them a good choice for first time homebuyers.  Current FHA mortgage holders may be eligible for a FHA Streamline Refinance to lower their rate without a new loan application.

VA Loans   These loans are guaranteed by the Veterans Administration (VA) and are only available to active military and veterans.  You may borrow up to 100% of the value of your home in a refinance or buy a home with no money down.

HARP 2.0 Loans  The “Home Affordable Refinance Program” is designed to allow underwater homeowners to refinance their mortgages to a lower rate.  There is no appraisal required and no minimum credit score required.  You must however be up to date with your mortgage payments.

Reverse Mortgages (HECM)  These loans are only available to homeowners 62 or older, to borrow against the equity in their home. There are no required monthly mortgage payments and you do not have to pay the money back until you die, sell your home, move to a different primary residence or fail to comply with the loan terms.