Monthly principal and interest payments never change
(Total monthly mortgage payment may change due to taxes and insurance, if escrowed).
Monthly payment may increase or decrease depending on market conditions. ARMs typically have a lower introductory rate.
Government insured loan that offers more flexibility and less stringent qualifications.
Offered to eligible veterans with no down payment or mortgage insurance requirements and lower credit score requirements. Guaranteed by the U.S. Department of Veterans Affairs.
A special type loan that helps homeowners convert the equity in their home to cash.
Loans for homes in rural areas as defined by the U.S. Department of Agriculture. USDA loans typically do not require a down payment and offer fixed rates.
A loan for higher dollar loan amounts, typically with stricter underwriting rules and higher interest rates.
Refinancing can lower the interest rate or convert home equity into cash.
*Magnolia Bank is not affiliated with or acting on behalf of or at the direction of the FHA, VA, USDA or Federal Government.