For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments.

When using a renovation mortgage loan to purchase a new home, Homestead Mortgage will combine the amount of the purchase contract and the necessary repairs and improvements to calculate your adjusted sales price. You can also use a renovation loan to refinance your existing mortgage and finance the costs of your desired repairs and improvements into the new home loan.

A refinance loan on your home means that you are trading in your existing loan for a new one — hopefully one with more favorable terms. When you refinance your home loan, your new lender pays off your old home mortgage loan with the new loan. That, in essence, is the reason for the term “refinance” — you are financing the same home again, just with a different loan.

A jumbo loan mortgage is one whose loan amount is higher than the loan limits set by the FHFA. We’re talking homes worth $800,000, $900,000 or even higher price tag in many cases. These loans typically come with a higher interest rate, stricter underwriting rules (including a higher credit score requirement) and require a larger down payment than your everyday home loan.

Fixed-rate mortgage is any home mortgage whose interest rate stays the same over the life of the loan, whether that lifespan is the traditional 30 years or 15 years, as some borrowers choose. 

If you have good credit and stable income, a conventional loan might be the right option for you.

A VA mortgage loan is a home loan that is guaranteed by the U.S. Department of Veterans Affairs. A VA loan makes it easier for veterans, active duty military members and eligible surviving spouses to purchase or refinance their home because it typically doesn’t require a down payment.*

FHA mortgage loans are home loans that are insured by the U.S. Government’s Federal Housing Administration (FHA). An FHA mortgage is an important option to consider when looking for the home of your dreams, especially for first-time homebuyers or buyers with low to moderate incomes.

USDA mortgage loan options are often also referred to as USDA/Rural Development Loans, because that is their primary purpose — to generate greater interest in homeownership in rural areas, suburbs and exurbs. Providing affordable homeownership opportunities in these areas promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.