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Discover your loan options

Here’s a look at some common mortgage types to help you see which loan is right for you.

Loan type Best for Current avg. APR Min. down payment* More details
30-Year Fixed Low monthly payments that won’t change 7.11% 3.0% 30-year fixed is the most common mortgage type
15-Year Fixed Paying loan off faster (vs 30-year loans) 6.27% 3.0% Payments are higher, but much less interest is paid over time vs 30-yr loans
7/1 ARM Those who might sell within 7 years 6.29% 3.0% After 7 years, interest rate & mo. payment can change annually
5/1 ARM Those who might sell within 5 years 6.13% 3.0% After 5 years, interest rate & mo. payment can change annually
FHA 30-Year Fixed Those with lower credit scores 7.55% 3.5% Mortgage insurance is required (upfront fee & mo. insurance premium)
VA 30-Year Fixed Qualifying veterans and active military 6.65% 0.0% PMI is not required for VA loans, but there may be a VA funding fee
Jumbo 30-Year Fixed Those purchasing high-priced homes 0.00% Varies Jumbo loans are for loan amounts that exceed conventional loan limits