Understanding what kind of mortgage loan you need can be like learning a new language. Here are some of our most popular loans to help get you started. Once you are working with one of our lenders they will take the time to learn about your needs and your goals and find the loan that's right for you.

Fixed Rate Mortgage
A loan where monthly principal and interest payments remain the same throughout the life of the loan. The most common fixed rate mortgage terms are 15 and 30 years.

Adjustable Rate Mortgage (ARM)
A loan where monthly principal and interest payments change after a set period of time (1, 2, 3, 5, 7 or 10 years), based on a standard financial index.

Construction Loans
Loans secured by real estate for the purpose of funding the construction of improvements or building(s) on the property. (The bank makes payments to the builder as the work progresses and the borrower makes interest payments on only the funds that have been disbursed to the builder during the construction period.)

Lot Loans
A loan that allows you to start paying on land before you build on it. Once you are ready to build, your lot loan can become a construction loan.

Balloon Mortgage
A loan with regular amortized payments that require a lump-sum "balloon" payment of the loan's principal balance at maturity.

Bridge Loan
Sometimes called an "interim loan," a bridge loan is generally secured by a borrower's current residence to obtain the funds needed to purchase a new home or build a new home if the current residence will not be sold prior to loan closing.

Jumbo Mortgage
A loan that exceeds the maximum loan amount allowed by the most mortgage investors.

For more mortgage words and meanings, go to our Resource Center Glossary.