Connect with a local loan officer.
Morty has loan officers around the country to ensure you get the best of all worlds: competitive rates, delightful customer experience and local expertise. To get started, create an account.
Create An AccountMeet Morty's Loan Officers
NMLS #1174659
NMLS #2299349
NMLS #2284150
NMLS #2512210
NMLS #2311093
NMLS #2327468
NMLS #2068383
NMLS #2048436
NMLS #
NMLS #2531412
NMLS #2396761
NMLS #2521056
NMLS #2566957
NMLS #2459149
NMLS #1965873
NMLS #2424285
NMLS #2555177
NMLS #2171439
NMLS #2554759
NMLS #2278132
NMLS #2510115
NMLS #2532005
NMLS #2471765
NMLS #2473467
NMLS #2281596
NMLS #605784
NMLS #2537129
NMLS #777478
NMLS #2458307
NMLS #2527531
NMLS #2556226
NMLS #2563567
NMLS #2576017
NMLS #1853348
NMLS #2102838
NMLS #2584938
NMLS #2311152
NMLS #2555687
NMLS #2556066
NMLS #2541700
NMLS #2104264
NMLS #859979
NMLS #2580525
NMLS #2084203
NMLS #1927279
NMLS #2129698
NMLS #2538322
NMLS #1152020
NMLS #2582840
NMLS #1986603
NMLS #2583311
NMLS #2568485
NMLS #1581719
NMLS #2566316
NMLS #982497
NMLS #2405627
NMLS #2564353
NMLS #2534423
NMLS #2573562
NMLS #2409931
NMLS #2565433
NMLS #1811924
NMLS #2302753
NMLS #2563285
NMLS #1958631
NMLS #2368531
NMLS #2567625
NMLS #2514418
NMLS #101918
NMLS #2375845
NMLS #2559852
NMLS #2490624
NMLS #2474977
NMLS #2554794
NMLS #2577068
NMLS #2495053
NMLS #2146135
NMLS #2530166
NMLS #2518404
NMLS #2494094
NMLS #2107830
NMLS #2576892
NMLS #1484640
NMLS #2069261
NMLS #2192147
NMLS #2563540
NMLS #2373257
NMLS #407376
NMLS #1770221
NMLS #2517679
NMLS #1517179
NMLS #2568273
NMLS #2355744
NMLS #2055416
NMLS #693349
NMLS #2282174
NMLS #2568031
NMLS #2060236
NMLS #2355706
NMLS #2529112
NMLS #2513610
NMLS #2589904
NMLS #2541283
NMLS #2009361
NMLS #2559082
NMLS #2534210
NMLS #280503
NMLS #2550832
NMLS #1079432
NMLS #2232112
NMLS #2523290
NMLS #2516026
NMLS #2529176
NMLS #2549442
NMLS #1904440
NMLS #2562545
NMLS #1986551
NMLS #2515752
NMLS #940964
NMLS #2526986
NMLS #2267234
NMLS #540343
NMLS #2443950
NMLS #2089743
NMLS #1972740
NMLS #2451732
NMLS #1886137
NMLS #2007342
NMLS #2091096
NMLS #2572939
NMLS #1826406
NMLS #2097685
NMLS #2554797
NMLS #2519090
NMLS #2571528
NMLS #2547714
NMLS #1072855
NMLS #2322571
NMLS #2532533
NMLS #2443356
NMLS #2508826
NMLS #2522805
NMLS #134265
NMLS #1993952
NMLS #2540687
NMLS #2570822
NMLS #2346582
What are the different types of mortgages?
When it’s time to choose your loan, one of the most important choices you’ll make is how your mortgage rate is structured. Your rate tells you how much you’ll pay in interest each year on your mortgage. While the differences may feel small, even a tenth of a point can amount to thousands of dollars over the life of your loan.
Rates are typically structured as "fixed or "adjustable." Most – but not all – loan options offer this choice, so it’s important to be aware of your options.
Fixed-rate mortgages
A mortgage with a set interest rate that never changes throughout the life of your loan. Most fixed-rate mortgages have 30-year and 15-year repayment terms. These loans offer buyers a level of consistency that many others do not.
Best for homebuyers who...
want a predictable, lower monthly payment amount that remains for the life of the loan.
Adjustable-rate mortgages (ARMs)
ARMs can be a good option to get a lower upfront rate than a fixed-rate mortgage. After the fixed period, the interest rate on an ARM becomes variable and changes at regular intervals to reflect the most current market conditions.
Best for homebuyers who...
don’t intend to own the property longer than the fixed period, and/or who expect interest rates to decline in the future.
Conventional Loans
A conventional loan includes any mortgage type that’s not part of a specific government program such as the FHA, VA or USDA (more on these government-backed loans below). While more cost-effective than other loan options for those who qualify, a conventional loan typically requires that borrowers have a credit score of at least 620, along with a minimum down payment amount.
Government Program Loans
These programs are consstructed for specific groups of people who fit certain criteria, such as veterans or buyers with lower credit scores.
FHA
- Credit scores as low as 500
- Down payments as low as 3.5%
- Requires mortgage insurance for the life of the loan
Best for homebuyers who...
have lower credit scores or are not able to make a 20% down payment.
USDA
- Restricted to rural locations
- Income and property value caps
- Require no down payment
- Available for home improvement loans as well
Best for homebuyers who...
live in qualifying rural areas seeking a loan without a down payment.
VA
- Available to military service members and veterans
- Requires no down payment and no mortgage insurance
- Requires a VA funding fee based on the value of the property
Best for homebuyers who...
are qualified military service members looking for lower interest rates or mortgage loans with no down payment.
Non-conforming loan options and investment properties
Mortgage amounts higher than $647,200 (in most areas) are considered "non-conforming, per guidelines laid out by Fannie Mae and Freddie Mac, and will require a jumbo loan. With an investment home, you’ll likely need to put up a larger down payment since mortgage insurance isn’t an option here.
Jumbo
- Loan limits set annually by the Federal Housing Financing Agency (FHFA).
- The conforming loan limit is $647,200 in most areas for 2022.
- The limit is higher in certain parts of the country; check your location using the FHFA loan limit map.
Best for homebuyers who...
are looking to purchase a more expensive property that doesn’t conform to the FHFA’s loan limit.
Investment properties
- An investment property can be a home you plan to improve and sell.
- It could also be a property you intend to rent out, or a home in an area where you expect values will rise.
- Financing requirements are typically more stringent than those of a primary residence
Best for homebuyers who...
are purchasing a property for the purposes of generating income, rather than a primary residence home purchase.
Interested in becoming a mortgage loan officer?
Join Morty! We are always looking to bring on enthusiastic loan officers! If you're new to mortgage, or looking to add new states to your MLO license, check out our state-by-state mortgage licensing guides or quick link to specific state licensing requirements below.
Editorial Disclaimer:
All content on this page is intended to be strictly educational, unbiased information for potential homebuyers. Every financial situation is unique, and we do not offer financial advice. We recommend individuals perform their own due diligence and research when choosing a lender or making any major financial decision. To the best of our knowledge, all content is accurate as of the date posted, though commentary related to the market is always subject to change. The opinions expressed are the author’s alone.