Purchase a Home

A home purchase mortgage is a loan taken out by a buyer to finance the purchase of a residential property. This loan is secured by the property itself, meaning the lender can foreclose on the property if the borrower fails to make payments. Home purchase mortgages typically come with fixed or adjustable interest rates and can have varying terms, such as 15, 20, or 30 years. The loan amount, interest rate, and terms are influenced by factors like the borrower's credit score, income, and the property's value.

Rate and Term Refinance

A rate and term refinance is a type of mortgage refinancing where the original loan is replaced with a new loan that has a different interest rate and/or loan term. The goal is typically to secure a lower interest rate, which can reduce monthly payments, or to change the loan term (such as switching from a 30-year mortgage to a 15-year mortgage) to pay off the loan faster. Unlike cash-out refinancing, no additional funds are taken out with a rate and term refinance; it's purely about modifying the rate or the term.

Cash Out Refinance

A cash-out refinance mortgage is a loan that replaces your existing mortgage with a new one that is larger than the amount you currently owe. The difference between your old loan and the new loan is taken out in cash, which you can use for various purposes such as home improvements, paying off debt, or other expenses. Essentially, you are tapping into the equity you've built up in your home.

Investment Property

An investment property mortgage loan is a loan specifically designed for purchasing real estate intended to generate income through rentals or resale. These loans are typically structured differently from standard residential mortgages, often with higher interest rates, larger down payment requirements, and stricter eligibility criteria.