Mortgages can be up to any amount of money as long as the property is worth that amount. There are many different types of mortgages available to you. Explore this section to learn about some of your options based on your individual situation. Find the just the right loan type for your financial needs ...

• First Mortgages
• Second Mortgages
• Home Improvement Loans
• Debt Consolidation
• Investment Purchases
• Imperfect Credit
  

A good lender will have many loan program choices – Below is a review of the categories of loans, and what to expect from the process:


Types of Mortgages

Fixed
A mortgage in which the interest rate does not change during the entire term of the loan. also called conventional mortgage. When interest rates are rising this is a popular option.

ARM (Variable)
An ARM is a mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market. Also called variable-rate mortgage. This type of mortgage is usually popular when rates are falling or about to fall.

Jumbo
A loan which is larger than the limit set by Fannie Mae and Freddie Mac. The current loan limit for a conforming loan is $417,000. Loans for amounts above that are considered non-conforming or "jumbo" mortgages. Because jumbo loans cannot be funded by these two agencies, they may carry a higher interest rate.

Second
A mortgage on real estate which has already been pledged as collateral for an earlier mortgage. The second mortgage carries rights which are subordinate to those of the first.