Different Types of Mortgage Loans

African-American family in front of home, happy family smiling, house, home, home loan, mortgage loan, different type of mortgage loans

Buying a home is a major commitment, and probably the biggest purchase you’ll ever make. Finding the right mortgage is just as important as finding the right house so you can set a solid foundation for successful home ownership. It’s natural to feel intimidated and overwhelmed when you start looking at different types of mortgage loans. Especially if you’re buying your first home, and you may not even know where to start. As your trusted financial partner, we are committed to helping you through every step of the home buying process. That commitment starts with helping you choose the mortgage option that best fits your needs.

We offer conventional mortgage types:

Fixed Rate Mortgage Loans

The interest rate on a fixed rate mortgage is set when you take out the loan, and remains the same over the life of the loan. Since the interest rate is fixed, this means your monthly payment amount will also stay the same for the entire term of your loan. The interest rate is usually somewhat higher than other mortgage loan types, to account for rates rising in the future. However, having a consistent interest rate and monthly payment is appealing to many buyers. That stability makes it easier for to work your monthly payment amounts into your budget. Fixed rate mortgages are ideal for home buyers who plan to stay in the home for many years or prefer the consistency of a set monthly payment.

Adjustable Rate Mortgage Loans

An adjustable rate mortgage (also known as an ARM, or a variable rate mortgage) is designed so the interest rate can change over the life of the loan. Your monthly payment will rise and fall in accordance with the rise and fall of your interest rate. Adjustable rate mortgages usually have a lower starting rate, which can be appealing. However, the rate can fluctuate unpredictably, thus making it harder to budget for. Adjustable rate mortgages are ideal for homeowners who plan on moving within a few years or expect significant income growth over the next few years.

We also offer a variety of specialized loan types to fit your unique needs:

First Time Homebuyer Mortgage Loans

Affordable First, our First Time Homebuyer’s Program, is specifically designed with the best benefits in mind for first time buyers. You can finance up to 97% of the home’s appraised value or purchase price, whichever is less. All Robins Financial Affordable First Mortgages have reduced closings costs, with no appraisal fee, credit report fee, or underwriting fees.

VA Mortgage Loans

Serving those who serve, with better rates and terms. We are committed to helping our veterans, service members, and surviving spouses. The Veterans Administrations (VA) Program offers home loans to eligible members to build, buy, improve, or refinance a home. VA Loans often offer better benefits than conventional loans, including no down payment.

FHA Mortgage Loans

The Federal Housing Administration (FHA) Program is designed to promote home ownership by helping you afford your first home. FHA Loans are ideal for first-time buyers, or buyers with less-than-perfect credit. This type of mortgage loan can help you overcome the biggest stumbling block to home ownership with lower down payments and more lenient credit qualifications.

USDA Mortgage Loans

The United States Department of Agriculture (USDA) Mortgage Program is one of the government’s least-known mortgage assistance programs. Buyers don’t need to be affiliated with agriculture industries to qualify. USDA Loans are targeted to eligible rural and sometimes suburban home buyers, and feature no down payment. Qualification requirements vary by location, household size, and income. For those who qualify, USDA Mortgage Loans provide up to 100% financing.

Construction Loans

If you’d rather build your dream home than try to find it and buy it, a construction loan is your best bet. Construction loans are perfect for buyers planning to build a new home. Our construction loans feature up to 90% financing of the appraised value.

Land Loans

Your dream home starts with the dream location. If you’ve found the perfect piece of land, but you’re not quite ready to break ground yet, a land loan allows you to buy now and build later. We offer an easy and affordable way for you to purchase the ideal lot or land for the construction of your new home. And when the time comes to build, we’ll be right there to help you every step of the way.

Let the mortgage team at Robins Financial help you make your dream home a reality. Visit our Mortgage Loan Center to learn more about the mortgage process, and check out our Home Buying Calculators to get a picture of what your home loan will look like in terms of down payment, monthly payment, and more. Apply for a mortgage loan online or set up your appointment to speak with one of our Mortgage Loan Officers.

Did you enjoy this video? Subscribe to our YouTube Channel.