Unlike a traditional mortgage application, you may want to use an extended rate lock program to protect against interest-rate fluctuations during construction. New construction loan: This loan is designed for the purchase and construction of a new home. Wells Fargo’s jumbo loans are available in fixed-rate or adjustable-rate loan options. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be an option for you. If you do decide to take out a jumbo loan, you should know that they typically have higher interest rates. Jumbo loan: This type of loan exceeds the conforming loan limit of $726,200 in most of the U.S. VA loans are available in a variety of fixed-rate or adjustable-rate loan options. You may have to pay a one-time VA funding fee which can be financed into your loan amount. Some benefits include low or no down payment costs, no mortgage insurance premiums required and a simplified approval process. military or National Guard, you may be eligible for this mortgage which is backed by the Department of Veterans Affairs. VA loan: If you are a current or former member of the U.S. FHA loans are available in a number of fixed-rate or adjustable-rate options. As a result, your interest rate may be higher. This type of loan along with fixed-rate mortgages are considered “conventional loans.”įederal Housing Administration (FHA) loan: Compared to a conventional loan, this mortgage has more flexible lending requirements like lower credit scores and down payments as low as 3.5%. This loan may be a good option if you know you’ll be moving in a few years and plan on selling the home.
When that period expires, your interest rate is adjustable for the rest of your loan’s life, but there is an interest rate cap which restricts how high the rate can go. During an introductory period, the interest rate will be lower than it typically would be with a fixed-rate mortgage. This popular mortgage option is available in 15-year or 30-year terms and is often the choice for buyers who plan to stay in their homes for a long time.Īdjustable-rate mortgage (ARM): This mortgage has an adjustable interest rate. mortgage provider, Wells Fargo offers loans in every state and has a considerable array of mortgage loan options:įixed-rate mortgage: The interest rate doesn’t change for the entire life of this loan, which means your monthly payments won’t change either. What Kind of Mortgage Can I Get With Wells Fargo?Īs the largest U.S.
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