Home Loan Comparison – An Overview Of Home Loan Options

Need a home loan comparison guide to help you understand your loan options? You’ve come to the right place.

Home loans typically fall into 3 categories – home purchase, refinance and home equity loans. Each category of loans offers many different options. Whether you’re looking to buy a house, refinance your current loan to lower your payments or just need to get cash from your home’s available equity, there’s a loan that can help you achieve your goal. Need help sorting through the options? Our home loan comparison chart can help you narrow down your choices.

Home loan comparison chart: An overview of home purchase, refinance and home equity loans


Home Purchase Loans	Refinance Loans	Home Equity Loans
*What they are:* Purchase loans help you buy a house– whether it’s your primary residence or a second home (vacation/investment property)	*What they are:* Refinance loans replace your existing mortgage with a new mortgage.	*What they are:* Frequently referred to as a second mortgage, home equity loans allow you to borrow against the increased fair market value of your house.
Types of Loans:	Types of Loans:	Types of Loans:
Fixed Rate Fixed principal and interest rate for the life of the loan	Fixed Rate Refinance your loan to lock in a fixed rate	Home Equity Loan A second loan on the same property, also known as “fixed second mortgage” Fixed rate Good for planned, one-time expenses
Adjustable Rate Variable interest rate Starts with low payments Rate adjustments occur every 1, 6 or 12 months	Adjustable Rate Refinance to an adjustable rate mortgage Lower starting interest rate and payment	Home Equity Line of Credit Revolving line of credit using available home equity Variable interest rate Can borrow cash as you need it and pay interest only on the borrowed amount for the first five or ten years
Fixed-Period ARM (or, Combination Rate) Fixed rate period for 3, 5, 7 or 10 years After fixed period ends, the interest rate adjusts based on a financial index	Fixed-Period ARM (or, Combination Rate) Lower starting interest rate and payment during the fixed period Fixed periods of 1, 3, 5, 7 or 10 years
Other Types of Loans: “Bad Credit” Home Loans Self Employed Home Loans Jumbo Loans Conforming Loans VA Home Loans FHA Home Loans	Cash-Out Refinance Replace your mortgage with a new one Get cash back from the available equity in your home
Learn about home purchase loans	Learn more about refinance loans	Learn more about home equity loans

Home Loan Comparison – An Overview Of Home Loan Options

Home loan comparison chart: An overview of home purchase, refinance and home equity loans

Types of Loans:

Types of Loans:

Types of Loans:

Our loan consultants are ready to help!