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There are several types of mortgage loans and each one has been created for a specific circumstance. The type of mortgage loan you will ultimately apply for will depend on your financial situation, your credit profile, the cost of the home and the interest rate. Mortgage types normally fall into three categories including Conventional, Variable and Government. A Conventional mortgage is best described as the standard fixed rate mortgage loan with a fixed term and a fixed interest rate. The majority of people in the United States have this type of mortgage. You will choose the term, usually 30, 20,15 or 10 years and based on the day you lock the interest rate will be different. The shorter the term the lower the interest rate because it is less risky for the lender. A Variable mortgage is sometimes referred to as an Adjustable Rate Mortgage (ARM). This type of mortgage usually has a shorter term and the interest rate is based on the indexes or prime rate. There a many types of variable mortgages but this mortgage is for those who will not be staying in the home for a long period of time and wish to have a lower rate. Government mortgages are FHA (Federal Housing Administration), VA (Veteran's Administration), USDA (United States Department of Agriculture-Rural Development) These mortgages are flexible, lower credit score loans that usually require low or no down payment. You can choose the term of 30 or 15 years and based on the day you lock the rate could differ.



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.