Types of Mortgage Products
Though this is a brief overview, the best step to take when deciding on a mortgage product is to talk to your Colonial Bank mortgage consultant. We can discuss these products as well as any special products that may be available currently that would suit your individual situation. Click on any of the mortgage products below to learn more.
Conventional mortgage products often represent the loans that are not FHA or VA. Click on Conventional above to learn more.
The Federal Housing Administration (FHA) provides mortgage insurance on loans through FHA-approved lenders. Click on FHA above to learn more.
The Department of Veterans Affairs (VA) provides up to 100 percent home financing to those who have served or are serving currently in the military. Click on VA above to learn more.
For a fixed-rate mortgage, the interest and principal parts of your mortgage payment remain constant. With an adjustable-rate mortgage (ARM), the interest rate typically is fixed at a lower initial rate for a set period of time, and then it adjusts regularly based on an economic index. Click on Fixed vs. Adjustable above to learn more.
Click on Conforming vs. Jumbo above to learn about the difference between these loan types.
There are two ways to do new construction financing, and that’s determined by your builder. Click on New Construction above to learn more.
For homeowners 62 years or older, click on Reverse Mortgage above to learn more about this mortgage option.