- Lower interest rates.
- Fewer penalties and fees.
- Second home purchase options.
Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms.
- Interest Rate and monthly payments remain the same for the entire term of the loan.
- Protection against rising interest rates.
Best if you plan on staying in your home for an extended period of time.
- Purchase a more expensive property.
- Variety of terms available.
Best if you purchase a property above the conforming loan limits ($453,100 in most areas).
- Low down payment options.
- Flexible income and credit requirements.
Best if you are a first-time homebuyer or have a limited amount of funds for a down payment.
- Low to no down payment.
- Low income and credit requirements.
- No mortgage insurance.
Best if you are active-duty military, a veteran or military spouse.
- May be able to refinance to a lower interest rate.
- Consolidate debt.
- Turn your home equity into cash.*
Best if you already own a home and want to restructure your mortgage fit your current financial situation.
*Appraised property value may affect loan amount.