Types of Mortgages

Fixed-rate mortgages

This option is great for those who are looking to own their home for several years, as it provides the stability of fixed payments.

• Interest rates are fixed for the life of the loan, typically 15 or 30 years.
• Your payment includes principal plus interest, which will remain fixed over the life of the loan. Your payment will also include property taxes and insurance, which may change over time. When needed, mortgage insurance may also be included in your payment.
• Your total mortgage payment is more stable than a rent payment, but may change due to tax increases or changes in insurance premiums.

Adjustable rate mortgages

This is great for those who are looking for a short term option, offering lower up-front payments.

• Interest rates are variable and are typically lower than fixed-rate mortgages, which means you will enjoy a lower monthly payment.
• Although rates fluctuate with the market, there is a cap on how much your interest rate can increase or decrease over time.

Interest Only Mortgages

• An adjustable rate loan where the initial payment is interest only for the first 5 or 7 years
• Keeps the initial payment low however, it delays the building of equity in the property
• After the first 5 or 7 years, the payment becomes principal plus interest

Jumbo mortgages

For loans over $424,100, this is your perfect fit.

• Competitive rates that can be either fixed or adjustable

Construction mortgages

If you are looking to build a house from the ground up, this is a great option for you.

• Pay interest only during the construction phase.
• Apply once and have only one loan closing!

Affordable Housing Programs

For buyers who don’t qualify for standard programs, there are many affordable housing programs that could be the perfect fit for you!