{"id":96191,"date":"2025-08-27T13:27:41","date_gmt":"2025-08-27T20:27:41","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96191"},"modified":"2025-08-27T13:28:58","modified_gmt":"2025-08-27T20:28:58","slug":"types-of-mortgage-loans","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/types-of-mortgage-loans\/","title":{"rendered":"Types of Home Loans: Which Mortgage Is Right for You?"},"content":{"rendered":"<h3><i><span style=\"font-weight: 400;\">Key takeaways<\/span><\/i><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>Conventional loans<\/i><\/b><i><span style=\"font-weight: 400;\"> best for those with strong credit and steady income.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>FHA loans<\/i><\/b><i><span style=\"font-weight: 400;\"> are ideal for first-time or lower-credit buyers.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>VA and USDA loans<\/i><\/b><i><span style=\"font-weight: 400;\"> allow zero down payment for qualifying buyers.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>Jumbo loans<\/i><\/b><i><span style=\"font-weight: 400;\"> are for high-value homes about conforming limits<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Buying a home often means taking out a mortgage, but not all mortgages are the same. Choosing the right loan is one of the biggest financial decisions you\u2019ll make. Whether you\u2019re browsing <\/span><a href=\"https:\/\/www.redfin.com\/city\/11203\/CA\/Los-Angeles\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">homes for sale in Los Angeles, CA<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/www.redfin.com\/city\/29470\/IL\/Chicago\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">houses for sale in Chicago, IL<\/span><\/a><span style=\"font-weight: 400;\">, understanding the different types of home loans can help you find the one that fits your budget and goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Redfin article, we\u2019ll cover the most common loan types, how they work, and who qualifies. <\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-92558 size-full\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2.jpg\" alt=\"types of home loans \" width=\"1200\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2-1024x684.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2-768x513.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2-944x630.jpg 944w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/02\/item_6-2-449x300.jpg 449w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a mortgage?<\/span><\/h2>\n<p><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">A mortgage<\/span><\/a><span style=\"font-weight: 400;\"> is a loan you take out from a bank, credit union, or lender to purchase a home. Instead of paying the full price upfront, you borrow money and agree to repay it over time with interest. The home itself serves as collateral, meaning if you fail to make payments, the lender has the right to foreclose and sell the property to recover the balance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">mortgage payment<\/span><\/a><span style=\"font-weight: 400;\"> typically includes four main parts, often referred to as <\/span><b>PITI<\/b><span style=\"font-weight: 400;\">: principal (the loan amount), interest (the cost of borrowing), taxes (property taxes), and insurance (homeowners insurance and possibly mortgage insurance).\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Types of home loans:<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">1. Conventional loans<\/span><\/h3>\n<p><b>Best for:<\/b><span style=\"font-weight: 400;\"> Borrowers with good credit and steady income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conventional mortgages are not backed by the government. Instead, they\u2019re offered by private lenders like banks, credit unions, and mortgage companies.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payment:<\/b><span style=\"font-weight: 400;\"> As low as 3% (though 20% avoids PMI).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit score requirements:<\/b><span style=\"font-weight: 400;\"> Typically 620 or higher.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan limits:<\/b><span style=\"font-weight: 400;\"> Set annually by the Federal Housing Finance Agency (FHFA).<\/span><\/li>\n<\/ul>\n<p><b>Pros:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Flexible loan terms (usually 15 or 30 years).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Competitive interest rates if you have strong credit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No upfront mortgage insurance required with 20% down.<\/span><\/li>\n<\/ul>\n<p><b>Cons:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stricter credit and income requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Private mortgage insurance (PMI) if under 20% down.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">2. FHA loans<\/span><\/h3>\n<p><b>Best for:<\/b> <a href=\"https:\/\/www.redfin.com\/blog\/tips-for-first-time-homebuyers\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">First-time homebuyers<\/span><\/a><span style=\"font-weight: 400;\"> or those with lower credit scores.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FHA loans are insured by the Federal Housing Administration, which helps reduce the risk for lenders and makes it easier for more buyers to qualify.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payment:<\/b><span style=\"font-weight: 400;\"> As low as 3.5% with a 580+ credit score.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit score requirements:<\/b><span style=\"font-weight: 400;\"> 500 minimum (with 10% down).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mortgage insurance:<\/b><span style=\"font-weight: 400;\"> Required for the life of the loan (unless refinanced).<\/span><\/li>\n<\/ul>\n<p><b>Pros:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lower credit score and income requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Smaller down payment compared to conventional loans.<\/span><\/li>\n<\/ul>\n<p><b>Cons:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mandatory mortgage insurance premiums (MIP).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan limits vary by location.<\/span><\/li>\n<\/ul>\n<p><b>&gt;&gt;&gt;Read: <\/b><a href=\"https:\/\/www.redfin.com\/blog\/mortgage-with-no-credit-history\/\" data-wpel-link=\"exclude\"><b>Can You Get a Mortgage With No Credit History?<\/b><\/a><\/p>\n<h3><span style=\"font-weight: 400;\">3. VA loans<\/span><\/h3>\n<p><b>Best for:<\/b><span style=\"font-weight: 400;\"> Active-duty military, veterans, and eligible surviving spouses.<\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/blog\/interested-in-using-a-va-home-loan-heres-what-you-need-to-know\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">VA loans<\/span><\/a><span style=\"font-weight: 400;\"> are backed by the U.S. Department of Veterans Affairs and offer generous benefits.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payment:<\/b><span style=\"font-weight: 400;\"> None required.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mortgage insurance:<\/b><span style=\"font-weight: 400;\"> Not required.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Funding fee:<\/b><span style=\"font-weight: 400;\"> One-time fee (waived in certain cases).<\/span><\/li>\n<\/ul>\n<p><b>Pros:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No down payment or PMI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Competitive interest rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Flexible credit requirements.<\/span><\/li>\n<\/ul>\n<p><b>Cons:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Only available to eligible veterans and service members.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Funding fee can increase total costs unless exempt.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">4. USDA loans<\/span><\/h3>\n<p><b>Best for:<\/b><span style=\"font-weight: 400;\"> Buyers in qualifying rural or suburban areas.<\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/blog\/usda-eligible-homes-for-sale\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">USDA loans<\/span><\/a><span style=\"font-weight: 400;\"> are backed by the U.S. Department of Agriculture to encourage homeownership in less densely populated areas.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payment:<\/b><span style=\"font-weight: 400;\"> None required.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Income limits:<\/b><span style=\"font-weight: 400;\"> Must meet local USDA income guidelines.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Location limits:<\/b><span style=\"font-weight: 400;\"> Home must be in an eligible rural area.<\/span><\/li>\n<\/ul>\n<p><b>Pros:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">0% down payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Low interest rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduced mortgage insurance costs.<\/span><\/li>\n<\/ul>\n<p><b>Cons:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Restricted to certain geographic areas.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Income eligibility requirements.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">5. Jumbo loans<\/span><\/h3>\n<p><b>Best for:<\/b><span style=\"font-weight: 400;\"> Buyers purchasing high-value homes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">jumbo loan<\/span><\/a><span style=\"font-weight: 400;\"> exceeds conforming loan limits set by the FHFA. These loans are common in expensive housing markets.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan amount:<\/b><span style=\"font-weight: 400;\"> Above $766,550 in most areas (2024 limit; higher in certain markets).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit score requirements:<\/b><span style=\"font-weight: 400;\"> Typically 700+.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payment:<\/b><span style=\"font-weight: 400;\"> Usually 10\u201320% or more.<\/span><\/li>\n<\/ul>\n<p><b>Pros:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lets you finance luxury or high-cost properties.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Flexible terms available.<\/span><\/li>\n<\/ul>\n<p><b>Cons:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stricter credit and income verification.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Higher interest rates and larger down payment required.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">6. Other specialized loans<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest-only loans:<\/b><span style=\"font-weight: 400;\"> Borrowers pay only interest for a set period before repaying principal.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Balloon mortgages:<\/b><span style=\"font-weight: 400;\"> Low initial payments with a large balance due at the end.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Construction loans:<\/b><span style=\"font-weight: 400;\"> Short-term financing to build a home, often converted into a permanent mortgage after completion.<\/span><b> &gt;&gt;&gt;Read: <\/b><a href=\"https:\/\/www.redfin.com\/blog\/jumbo-construction-loan\/\" data-wpel-link=\"exclude\"><b>How to Get a Jumbo Construction Loan<\/b><\/a><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Mortgage rate structures\u00a0<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">Adjustable-rate mortgages (ARM)<\/span><\/h3>\n<p><b>Best for:<\/b><span style=\"font-weight: 400;\"> Buyers planning to sell or refinance within a few years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-an-adjustable-rate-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">ARM<\/span><\/a><span style=\"font-weight: 400;\"> starts with a fixed interest rate for an initial period (such as 5, 7, or 10 years), then adjusts periodically based on the market. The initial rate is often lower than a fixed-rate mortgage, which makes monthly payments more affordable at first. However, once the adjustment period begins, the rate can rise or fall, meaning payments may change and become less predictable over the long term.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Fixed-rate mortgages<\/span><\/h3>\n<p><b>Best for:<\/b><span style=\"font-weight: 400;\"> Buyers wanting stable, predictable payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A fixed-rate mortgage has the same interest rate for the entire loan term, typically 15, 20, or 30 years. Payments stay consistent month to month, which makes budgeting easier and protects borrowers against rising interest rates. The trade-off is that fixed-rate loans often start with higher interest rates than ARMs and offer less flexibility if rates drop, unless you refinance.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to choose the right home loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Picking the best mortgage depends on your financial profile and goals. Consider:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Your credit score<\/b><span style=\"font-weight: 400;\"> \u2013 Conventional loans reward higher scores, while FHA works with lower ones.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Your savings<\/b><span style=\"font-weight: 400;\"> \u2013 USDA and VA loans require <\/span><a href=\"https:\/\/www.redfin.com\/blog\/down-payment-assistance-programs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">little to no down payment<\/span><\/a><span style=\"font-weight: 400;\">, while conventional and jumbo often need more.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>How long you\u2019ll stay in the home<\/b><span style=\"font-weight: 400;\"> \u2013 ARMs work well short-term, while fixed rates provide long-term stability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Your debt-to-income ratio (DTI)<\/b><span style=\"font-weight: 400;\"> \u2013 Lenders assess your ability to manage monthly payments.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Comparing loan types side by side<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here\u2019s a quick comparison of the most common mortgage options:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Loan Type<\/b><\/td>\n<td><b>Min. Down Payment<\/b><\/td>\n<td><b>Credit Score<\/b><\/td>\n<td><b>Best For<\/b><\/td>\n<td><b>Key Drawback<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Conventional<\/b><\/td>\n<td><span style=\"font-weight: 400;\">3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">620+<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Buyers with solid credit<\/span><\/td>\n<td><span style=\"font-weight: 400;\">PMI if &lt;20% down<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>FHA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">580+ (500 w\/10%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">First-time or lower-credit buyers<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Lifetime mortgage insurance<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>VA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Flexible<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Veterans &amp; service members<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Funding fee<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>USDA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Flexible<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rural\/suburban buyers<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Location &amp; income limits<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Jumbo<\/b><\/td>\n<td><span style=\"font-weight: 400;\">10\u201320%+<\/span><\/td>\n<td><span style=\"font-weight: 400;\">700+<\/span><\/td>\n<td><span style=\"font-weight: 400;\">High-value homebuyers<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Higher rates, stricter approval<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Fixed-Rate<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Varies<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Often 620+<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Long-term stability<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Higher initial rate<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>ARM<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Varies<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Often 620+<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Short-term flexibility<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rate increases<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"font-weight: 400;\">Loan terms explained: 15 vs. 30 years<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When choosing a mortgage, you\u2019ll also pick a term length. The term is the amount of time you\u2019ll take to repay the loan, and it has a big impact on your monthly payment, total interest costs, and how quickly you build equity.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>15-year mortgage:<\/b><span style=\"font-weight: 400;\"> Higher monthly payments, but you\u2019ll pay off the loan faster and save significantly on interest. For example, you could pay thousands less in total interest compared to a 30-year loan. Shorter terms also help you build home equity more quickly, which can be useful if you plan to sell or refinance down the road. However, the higher payments may strain your budget.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>30-year mortgage:<\/b><span style=\"font-weight: 400;\"> Lower monthly payments spread out over a longer period, making this the most common loan term for buyers. The trade-off is that you\u2019ll pay much more interest over the life of the loan. This option offers more flexibility for managing your budget and can free up cash for other expenses or investments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>20- or 25-year loans:<\/b><span style=\"font-weight: 400;\"> These terms act as a middle ground, balancing manageable monthly payments with less total interest than a 30-year loan.<\/span><\/li>\n<\/ul>\n<p><b>Key takeaway:<\/b><span style=\"font-weight: 400;\"> Shorter terms save money on interest and help you own your home faster, while longer terms lower monthly costs and improve affordability. The best choice depends on your income stability, financial goals, and how long you plan to stay in the home.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Refinancing options<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Homeowners can refinance to switch loan types or secure better terms. Examples include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>FHA \u2192 Conventional:<\/b><span style=\"font-weight: 400;\"> To remove mortgage insurance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>ARM \u2192 Fixed-rate:<\/b><span style=\"font-weight: 400;\"> To lock in a stable interest rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cash-out refinance:<\/b><span style=\"font-weight: 400;\"> To tap into home equity.<\/span><\/li>\n<\/ul>\n<p><b>&gt;&gt;&gt;Read: <\/b><a href=\"https:\/\/www.redfin.com\/blog\/when-to-refinance-mortgage\/\" data-wpel-link=\"exclude\"><b>Should I Refinance My Mortgage?<\/b><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Steps to apply for a mortgage<\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Check your credit score<\/b><span style=\"font-weight: 400;\"> and fix any issues.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Get pre-approved<\/b><span style=\"font-weight: 400;\"> to know your budget.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Submit an application<\/b><span style=\"font-weight: 400;\"> with income, assets, and debts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Underwriting process<\/b><span style=\"font-weight: 400;\"> \u2013 lender verifies information.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Appraisal and inspection<\/b><span style=\"font-weight: 400;\"> to confirm home value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Close on the loan, sign final paperork,<\/b><span style=\"font-weight: 400;\"> and receive keys to your home.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">Frequently asked questions about home loans<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">1. What type of home loan is easiest to get?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">FHA loans are often considered easiest due to lower credit and down payment requirements.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Which home loan is best for first-time buyers?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">FHA and USDA loans are popular for first-time buyers. VA loans are excellent for eligible veterans.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. What type of loan has the lowest rates?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">VA loans typically have the most competitive rates, followed by conventional loans for borrowers with excellent credit.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Can I switch loan types later?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, through refinancing you can change from FHA to conventional, or from ARM to fixed-rate.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn about the different types of home loans \u2013 FHA, VA, USDA, conventional, jumbo, and more. <\/p>\n","protected":false},"author":562,"featured_media":92558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34277],"tags":[34642],"coauthors":[34346],"class_list":["post-96191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Types of Home Loans: Compare Mortgage Options | Redfin<\/title>\n<meta name=\"description\" content=\"Learn about the different types of home loans \u2013 FHA, VA, USDA, conventional, jumbo, and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/types-of-mortgage-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types of Home Loans: Which Mortgage Is Right for You?\" \/>\n<meta property=\"og:description\" content=\"Learn about the different types of home loans \u2013 FHA, VA, USDA, conventional, jumbo, and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/types-of-mortgage-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; 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