Which Loan Is Right for Me?
The right loan depends on your goals, how long you plan to stay in the home, your down payment, and your credit. Here are the big choices.
Fixed rate or adjustable rate?
- Fixed-rate mortgage: your interest rate and principal-and-interest payment never change. Best if you plan to stay put and want predictability. Several term lengths are available. Shorter terms build equity faster but have higher payments.
- Adjustable-rate mortgage (ARM): the rate is fixed for an initial period of several years, then adjusts at set intervals based on a market index, within caps. Can make sense if you expect to move or refinance before the first adjustment.
Which program?
| If you... | Look at |
|---|---|
| Have good credit and some savings | Conventional |
| Have a smaller down payment or credit that's still recovering | FHA. Certain limitations apply, call for details. |
| Served in the military | VA |
| Are buying outside a big city and meet income limits | USDA |
| Are buying a higher-priced home | Jumbo |
| Are self-employed | Bank statement loans |
| Are buying a rental | DSCR or investment property loans |
Still not sure? That's what we're here for. A five-minute call can narrow it down.
Ready when you are
Rebel Lending Mortgage Company LLC, NMLS #2758542. (330) 406-3008. Ohio RMLA Certificate of Registration No. RM.805501.000; PA Mortgage Broker License No. 119575. NMLS Consumer Access. Equal Housing Opportunity. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and property eligibility; programs, rates and terms vary by lender and may change without notice.