Mortgage Loan Programs
There are three Main Residential Loan Categories:
1) Primary Residence
2) Second Home, or
3) Investment Property
When you apply for a residential loan, it will be in one of these ownership categories.
All loans we originate fall into one of these 3 categories.
All three of these properties types may include 1, 2, 3 or 4 units in one building,
but when you get above 4 units, it becomes Multi-family or Commercial.
The Purpose for a Residential 1st mortgage includes these 3 choices:
2) Refinance, or
You may have a variation from one of these, such as a Renovation loan (a type of construction loan) or
using the equity in your home to build a swimming pool or consolidate other debts (a Cash-out Refinance).
Here's where it begins to get more complicated and the type of loan you need will depend on more factors,
such as your credit score and down payment.