A person holding a pen labeled MOTTO is writing on a sheet of paper, with the image background partially faded to white.

Getting a Mortgage Loan

Mortgage Process

and Loan Types

Think all home loans are the same? Think again. Discover which loan type fits you best—and what the journey looks like from the start of the process to keys-in-hand.

How to Get a Mortgage Loan

Simple illustration of three people, with the central figure highlighted in blue and the two on either side outlined in black, symbolizing leadership or teamwork.

Choose Your Real Estate Team

Finding the right real estate agent is important. Work with a professional who listens, communicates, and knows your community and the market. BUT FIRST, find a mortgage broker to help you run the numbers. Otherwise, your home budget is just a guess.

A simple illustration of a magnifying glass with a green lens and an orange handle, outlined in black, on a light gray background.

House Hunt

Visit homes within your budget, explore neighborhoods, and compare pros and cons. This is your opportunity to take notes, ask questions, and consider factors like commute time and future resale value – choosing a home can be a big decision, so make sure you know what’s out there!

An illustration of an open orange envelope with a letter inside. The letter features green and black text and graphics.

Make an Offer

Once you find the one, your agent will help you craft a strong offer and negotiate the deal. They’ll also guide you through contingencies, timelines, and anything else you’ll need to know to navigate the offer stage. A well-structured offer can make all the difference in a competitive market.

Icon of two overlapping documents, with the front page showing a blue bar chart and lines representing text.

Gather Your Paperwork

From pay stubs to tax returns, ensure your financial documents are ready to keep the loan process moving. Your mortgage team may also request bank statements, proof of assets, and explanations for any large deposits or credit inquiries. Staying organized and responsive can help avoid delays in approval.

A dollar sign inside an orange circle with black arrows pointing outward in all directions, suggesting distribution or spreading of money.

Prepare for Additional Expenses

Beyond the down payment, you’ll have closing costs, inspections, and move-in expenses. Surprises aren’t fun at this stage, so it might be a good idea to budget for things like homeowners insurance, property taxes, and potential repairs or upgrades.

Simple illustration of a two-story house with green windows, an orange roof, and an orange tree next to it. The house has a door on the right side and a wavy pattern on the roof.

Close the Loan

With financing in place, your mortgage broker will coordinate the final steps, including a review of your Closing Disclosure—a document that outlines your loan terms, monthly payments, and closing costs. Once everything is confirmed, you’ll sign the paperwork, the loan will be funded, and the keys are yours. Welcome home!

Understanding Different Types of Home Loans

Not all home loans are the same. Knowing a bit about each and figuring out which works for your needs will set you up for smoother conversations and help you find the best fit.

Conventional Loans

  • Fixed Rate Mortgage: The “Predictable is Beautiful” Loan
    Your rate and your monthly payment stay the same, year after year. No surprises, no drama.
  • Adjustable-Rate Mortgage (ARM): The “Low Upfront, Ride the Rate Later” Loan
    Start with a lower interest rate (and lower payments) but be ready for it to adjust over time.
  • Jumbo Mortgage: The “Big Dreams, Big Cities, Big Loans” Loan
    Need a pricier place? Jumbo loans cover homes above standard limits, often with stricter credit requirements.

Government Backed Loans

  • FHA Loan: The “Still Building My Credit” Loan
    Easier credit qualifications and smaller down payments — perfect if you’re not rocking a perfect score yet.
  • VA Loan: The “Thank You for Your Service” Loan
    Zero down payment required, no mortgage insurance necessary, and great rates (for eligible veterans, active-duty service members, and surviving spouses).
  • USDA Loan: The “Country Roads, Take Me Home” Loan
    Low-to-no down payment loans for homes in eligible rural and suburban areas.

Other Specialty Loans

  • Bank Statement Loan: The “Self-Employed Superstar” Loan
    No traditional W-2s? No problem. Use your bank statements to show you’re good for it.
  • DSCR Loan: The “Let the Property Pay for Itself” Loan
    This one’s all about the property’s income, not yours. Perfect for real estate investors who want the rental’s cash flow to do the talking.
  • Construction Loan: The “Ultimate DIY-er” Loan
    Building from the ground up? This short-term loan covers the cost of construction — turning blueprints into your future front porch.
  • Renovation Loan: The “Fixer-Upper Glow-Up” Loan
    Love the location but not the layout? This loan helps you renovate a new home you’re buying (or one you currently own).
  • Investment Loan: The “Keys to Cash Flow” Loan
    This loan is for buying rental properties and building wealth, because passive income sounds pretty great.

Special Programs

  • State or Local Housing Agencies: The “Homegrown Help” Program
    Backed by your county or state, these programs are designed for first-time buyers, everyday heroes like teachers and first responders, and folks with modest incomes. Local love, big support.
  • Special Purpose Credit Programs: The “Community Boost” Program
    Offered by private lenders to support low- to middle-income borrowers in specific neighborhoods. Tailored lending that helps build stronger, more inclusive communities.
  • First-Time Homebuyer Programs: The “Starting Strong” Loan
    Special perks like lower down payments and grants to help you get the keys to your first place.

Questions? Our mortgage pros love to deep dive into loan types and rates.

Homeownership and Refinancing

Getting Your Best Rate the First (or Second) Time

A simple illustration of a hand catching or receiving an orange coin, with three black lines above the coin indicating downward movement. The hand has a blue sleeve.

Buying a Home

Buying a home is a big and exciting step! When you understand your mortgage loan options and the steps from pre-approval to closing, the journey to homeownership gets a whole lot easier. No matter your goals—building equity, finding stability, or investing in your future—the right home loan can make all the difference.

A large black gear with an orange center featuring a dollar sign is shown next to a smaller blue gear, symbolizing financial or business processes.

Refinancing Your Home Loan

Feel like your mortgage loan no longer fits? Refinancing could be your fresh start. While the process can seem overwhelming, understanding the types of refinance options, costs, and steps involved can make things much clearer. Whether you’re looking to lower your monthly payment, shorten your loan term, or tap into your home equity, refinancing could be a smart move.

A real estate agent shows a tablet to a smiling couple at an outdoor table with coffee, documents, and a city skyline in the background on a sunny day.
Two orange right triangles set against a light gray background, each positioned on the left and right sides of the image with a vertical gap of gray space between them.

There’s More to a Mortgage Than the Rate

Interest rates get a lot of attention, but they’re only part of the story. Things like your credit score, down payment, and the loan product you select are also big players in your homebuying journey.