Good credit or bad credit, there is a mortgage out there for everyone. The first step to finding the one for you is understanding whether you are right for a fixed rate loan or an adjustable loan.

There are several types of loans that fall under these two categories. Home equity loans and construction loans can come with rates that are either fixed or adjustable, while home equity lines of credit and reverse mortgages can only be obtained with an adjustable rate. FHA loans and VA loans usually have fixed rates.

The best advice possible for anyone considering buying a home or refinancing is to find the mortgage that suits you and your purpose. Being educated about the types of loans available is the best way to find the one that is right for you. Fill out our free short form to contact up to four lenders about the perfect loan for you.

• Home Equity loans are second mortgages based on the equity or that your home has accrued. This is determined by subtracting the mortgage from the total value of the home. Lenders will allow you to borrow any where from 80 to 100% of this amount.
• Construction loans finance the materials, labor and land needed to build a new home.
• FHA loans are insured by the Federal Housing Administration but are funded conventional or private lenders. These generally have low interest rates and are used by low income families.
• VA loans are insured by the Veterans Administration but are funded by conventional lenders, and like FHA loans they have low interest rates. These loans are available to those who have served in the military.
• Home equity lines of credit are loans that can be set up much like a credit card. As much or as little money can be taken out as needed over a certain period of time. Like a home equity loans this amount is based on the equity of your home.
• A reverse mortgage is also a second mortgage that can be set up like a line of credit, but is only available for homeowners 62 years and older.