USDA home loans can be a great option if you want to buy a house in a rural part of the United States. With low rates, no down payment, and the option to finance your closing costs, they can lower your home buying expenses considerably.
A cash-out refinance loan allows you to refinance your current mortgage and turn home equity into cash. This cash-out refinance calculator will help you understand costs of this type of loan.
Quicken Loan offers mortgages including fixed-rate, ARM, reverse mortgages, FHA, VA, jumbo loans, and refinance options. Which option is right for you will depend on your situation, but the benefit of all Quicken Loans’ options is that you can customize your loan.
Bridge loans are commonly used to buy a new home while waiting for a home you own to close. Businesses may use bridge loans while waiting on other funding. They can be difficult to qualify for but could help you get into a new home faster.
Shared appreciation mortgages are hard to find, but they can help you buy a home if you have a low income, live in an expensive market, or if this is your first time purchasing a property.
If you make a down payment of less than 20%, most mortgage lenders will require you to pay for private mortgage insurance (PMI). PMI is charged based on the loan value, your credit score, and other factors, and can be expensive.