Compare Mortgage Options

Comparing the different types of Mortgages.

Loan Type Features & Benefits Who Should Consider This Loan?
Fixed rate mortgage
The interest rate stays the same for the life of the loan
  • Predictable monthly payments
  • Rates can’t go up
  • 15, 20, and 30 year terms
  • Down payment as low as 3%
  • Credit scores as low as 620
  • Learn more about the most popular fixed-rate mortgage: the 30 year fixed
Homebuyers who plan to stay in their home for a long period of time
Adjustable rate mortgage (ARM)
The interest rate may go up or down on predetermined dates to reflect market conditions
  • Lower interest rates in the short term
  • The initial interest rate can be locked for 5, 7 or 10 year introductory periods
  • After intro period, rate typically adjusts every year
  • Down payment as low as 3%
  • Learn more about ARMs
Homebuyers who think they might sell/move or refinance within a few years, or who know they can make larger monthly payments if the rate increases
FHA loan
A government- guaranteed loan with flexible terms
  • Credit scores as low as 560
  • Down payment as low as 3.5%
  • Down payment may be 100% gift funds
  • Fixed and adjustable rates available
  • Learn more about FHA loans
Homebuyers with low cash for a down payment, a limited credit history, or less than perfect credit
Jumbo loan
Loans for higher-priced homes (over $453,100)
Homebuyers planning to purchase a higher-priced property
“Piggyback” combination loan
Low down payment loan that avoids mortgage insurance
  • Down payment as low as 5% without mortgage insurance
  • Covers most of down payment with a second mortgage
  • Fixed rates for both mortgages available
Homebuyers looking for a low down payment option
Interest only mortgage
Home loan with a low-payment, interest only period for a limited period of time
Homebuyers who expect income to rise or who will refinance before the end of the interest only period

Frequently Asked Questions

Why trust Newfi Lending?

Newfi is a direct lender with years of experience in mortgage refinance. We’ve earned a five-star customer satisfaction rating from LendingTree for our low rates, fast processing, and excellent customer service. Give us a call at (888) 316-3934 and see just how friendly we are!

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How can I get more information?

Talk to us at Newfi Lending. We’ll get you a personalized refinance rate and review other options tailored to your situation.

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