Want to Buy a Home? Pick the right mortgage for you
St Paul, MN: Most lenders offer a wide selection of home loan programs. Which one is the right one for you?
Some popular types of mortgage loans include:
- Fixed-rate mortgages. These are a good choice if you’re looking for the same monthly principal and interest payment over a fixed number of years.
- Adjustable-rate mortgages (ARMs). ARMs offer an initial lower interest rate and lower payments. Your interest rate and payment can go up or down in the future.
- FHA Loans and VA loans. These government-backed loans are popular with first-time homebuyers because of their low down payment requirements and closing costs.
- Standard FHA (Federal Housing Administration) loans require only 3.50% down payment.
- VA (Department of Veterans Affairs) loans are available to eligible veterans with no down payment up to $417,000, and a small down payment over $417,000.
Work with an experienced mortgage lender near you to determine which program is right for you and get an idea of current interest rates, or estimate your new homes payment using our mortgage payment calculator.
For additional information, download a helpful Homebuyer’s Handbook.