Types of Loans

What type of loan will suit you best? Below, we've included information on the types you may need.

Home Purchase Loans

Home123 offers competitive loan products. We can help get you a loan whether you are a first time home-buyer or if you're simply looking to purchase your next home.

Debt Consolidation Loans

A loan that gives you cash back to pay existing debt. You may be able to lower your monthly payment or interest rate, and possibly gain tax advantages.

Refinance Loans

This is generally the process of obtaining a new loan on your home and using the proceeds, to pay off the entire balance of the underlying loan, and may include receiving a cash distribution.

Home Equity Loans (Second Mortgage)

A loan for any purpose that is secured by your home in addition to your primary mortgage.  The most common types of second mortgages are Home Equity Loans and Home Equity Lines of Credit (HELOC).

Reverse Mortgages

A Reverse Mortgage, also called a Home Equity Conversion Mortgage (HECM), is a special type of home loan that allows homeowners to convert the equity in their homes into cash that is paid to them in a lump sum or in a stream of payments. With this type of mortgage repayment not required until the borrower no longer uses the home as a principal residence.

FHA Loans

FHA Loans are mortgages that are insured by the Federal Housing Administration in case of default.  This program helps borrowers who might not otherwise qualify for a loan, get the financing they need.  FHA insured loans are available for both home purchases and refinancing.

VA Loans

VA Loans are loans insured by the Veteran's Administration that are available to individuals with military service. 

Interest Only Loans

An interest loan is a mortgage in which the borrower pays only interest for a set term.  After a set term, the loan converts to a fully amortizing loan where both interest and principal are paid.  Interest only loans are an option for borrowers who expect their income will increase over the term of the loan, where the loan payments are reduced in the early years.

Many additional regional and borrower specific programs.  A Mortgage Consultant can provide further details on each type of loan. After reviewing your situation, they can suggest which might benefit you most.

Call 1-888-215-0080 to speak with an Expert Mortgage Consultant or start your application today using Apply Now

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LEGAL DISCLAIMER: This Tool is for general information purposes only and does not address individual circumstances It may not be right for you and should not be relied upon in making decisions.