Types of Mortgages
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Refinancing "Re-fis"
A refinance is when you replace your current mortgage with a new one, often with a lower interest rate or different terms.
Home equity loans
A home equity loan is a type of loan where you borrow against the equity in your home. It's often used for home improvements or debt consolidation.
Reverse mortgages
A reverse mortgage is a loan for homeowners who are 62 or older, which allows them to convert some of their home equity into cash. The loan is repaid when the borrower moves out or passes away.
Jumbo mortgages "Jumbos"
A jumbo mortgage is a type of mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo mortgages often have higher interest rates and stricter qualification requirements.
VA loans
A VA loan is a type of mortgage that is available to veterans, active-duty service members, and their spouses. It's guaranteed by the Department of Veterans Affairs and often has more favorable terms than other types of mortgages.
FHA loans
An FHA loan is a type of mortgage that is insured by the Federal Housing Administration. It's designed to help low- and moderate-income borrowers qualify for a mortgage with a smaller down payment and lower credit score requirements.