About Us | Contact Us | Links |  Site Map

Mortgage Loan Classifications	Loan Process Home Equity Loans Credit Score Conforming Loans Loans that adhere to the guidelines set forth by Fannie Mae (from FNMA: Federal National Mortgage Association) and Freddie Mac read more FHA Loans The Federal Housing Administration (FHA) does not make the loans; it provides mortgage insurance which protects the lender. read more Reverse Mortgage A reverse mortgage is designed to help elderly home owners benefit from their equity without having to sell their house or make payments. read more Heritage Financial, Inc. is an Equal Housing Lender
Whether you are seeking a first mortgage, adding a second mortgage or trying to refinance an existing mortgage, it is helpful to understand the general loan classifications.   Mortgage loans are categorized as either fixed rate mortgages, adjustable rate mortgages  or some combination (hybrid) of the two. This classification is based on the type of interest rate structure governing the loan. The most common mortgage terms are 30 or 15 year loans. Generally, a short term loan will have less interest and higher payments - a long term loan, more interest and lower payments. A 15 year mortgage for example, may have less than half the interest costs of a 30 year mortgage.   There are also loan programs such as Reverse Mortgages, FHA, VA and Conforming and Jumbo Loans that may interest you.   Call Alan Shoemaker today to further discuss these mortgage loan classifications and loan programs 301-632-3056.