Which Home Loan is Right For You?

Are you wondering which home loan is the right fit for your needs?

With a wide array of options available, it's important to understand the various loan programs to make an informed decision. If you're a first-time homebuyer, FHA, VA, and USDA loans offer low down payment options and flexible qualification criteria. Conventional loans provide versatility with fixed and adjustable rate options, while jumbo loans cater to those seeking larger loan amounts.

Self-employed individuals or borrowers with unique financial situations may benefit from non-QM loans, which offer alternative documentation options. For investors and entrepreneurs, commercial real estate loans provide financing for commercial properties and business ventures.

Homeowners looking to leverage their home's equity can explore a home equity line of credit (HELOC), while construction loans and bridge loans accommodate those seeking financing for renovations or buying and selling a property simultaneously.

Understanding factors like the debt-service coverage ratio (DSCR) and bank statement loans can further assist you in finding the ideal loan for your specific circumstances. By considering these various loan options and their unique features, you can confidently choose the loan that best aligns with your financial goals and aspirations.

Loan Programs Advantages Disadvantages
30 year Fixed
15 year Fixed
  • Monthly payments won't change
  • Interest rate Fixed
  • Protected if rates go up
  • Can refinance if rates go down
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve
Get Pre-Approved
Adjustable Rate Mortgages (ARMS)
  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • More risk
  • Payments may change over time
  • Potential for high payments if rates go up
Get Pre-Approved
First Time Buyer Programs
  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rate
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early.
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No point, No fee Programs
  • No closing costs
  • Less money required to close
  • Higher rates
  • Higher payments
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Home Equity Line of Credit
  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible
  • Rates can change. The maximum interest rate is normally high.
  • Payments can change
  • Harder to refinance your first mortgage
Get Pre-Approved
Home Equity Fixed Loan
  • Fixed payments
  • Interest may be tax deductible
  • Higher interest rates than on 1st mortgages
  • Harder to refinance your first mortgage
Get Pre-Approved

In Addition to these standard loan programs we offer a large number of specialized loans to fit your needs please call or email for more information.

Alliance Mortgage Lending is a Mortgage Lender in San Clemente, we provide Home Loans in all of California, including, but not limited to, these counties: Orange County, San Diego County, Los Angeles County, Riverside County, San Bernardino County, Alameda County, Contra Cost County, Marin County, Monterey County, Napa County, San Benito County, San Francisco County, San Mateo County, Santa Cruz County, Sonoma County and Ventura County.