Mortgages | Trulia

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Here’s a look at some common mortgage types to help you see which loan is right for you.

Loan Type 30-Year Fixed Low monthly payments that won’t change
Current avg. APR 4.96% Min. down payment* 3.0% More details 30-year fixed is the most common mortgage type
Loan Type 15-Year Fixed Paying loan off faster (vs 30-year loans)
Current avg. APR 4.23% Min. down payment* 3.0% More details Payments are higher, but much less interest is paid over time vs 30-yr loans
Loan Type 7/1 ARM Those who might sell within 7 years
Current avg. APR 3.65% Min. down payment* 3.0% More details After 7 years, interest rate & mo. payment can change annually
Loan Type 5/1 ARM Those who might sell within 5 years
Current avg. APR 3.41% Min. down payment* 3.0% More details After 5 years, interest rate & mo. payment can change annually
Loan Type FHA 30-Year Fixed Those with lower credit scores
Current avg. APR 5.15% Min. down payment* 3.5% More details Mortgage insurance is required (upfront fee & mo. insurance premium)
Loan Type VA 30-Year Fixed Qualifying veterans and active military
Current avg. APR 4.64% Min. down payment* 0.0% More details PMI is not required for VA loans, but there may be a VA funding fee
Loan Type Jumbo 30-Year Fixed Those purchasing high-priced homes
Current avg. APR 0.00% Min. down payment* Varies More details Jumbo loans are for loan amounts that exceed conventional loan limits

* Actual minimum required down payment may vary depending on criteria established by the lender, investor or insurer of your loan.

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Read the latest mortgage topics and be in-the-know before you buy your next home.

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