Mortgage Loan | Pre-Approval | Find The Loan Type For You

Mortgage Loan | Pre-Approval | Find The Loan Type For You

Find the best loan for your investment

There are a lot of different loan types out there so make sure you are armed with the information you need to make the best decision for you and your investment.

Conventional loans

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Commercial loans

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Hard money loans

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Need a short-term loan? Search for a Hard Money Lender in your area.

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Residential & Commercial Financing Solutions For Real Estate Investors

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Personal loans

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Which loan is right for your investment?

There are a lot of different loan types out there so
make sure you are armed with the information you need to make the best decision for you and your investment.
BiggerPockets has broken down the different loan types for you, if you still have questions be sure to post them
into our forums to get advice from other investors.

Commercial

A commercial loan is a loan for a commercial property. Alternatively, investors may take out a commercial loan on a residential property which already has several other loans. Typically, commercial lenders prioritize the property value over the borrower’s ability to pay back the loan.

Conventional Loans

A conventional mortgage or conventional loan is any type of homebuyer’s loan that is not offered or
secured by a government entity, like the Federal Housing Administration (FHA), the U.S. Department of
Veterans Affairs (VA) or the USDA Rural Housing Service, but rather available through or guaranteed a private
lender (banks, credit unions, mortgage companies) or the two government-sponsored enterprises, the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

  • Adjustable-Rate Mortgage (ARM)

    A type of conventional loan, a adjustable-rate mortgage is a type of mortgage in which the interest rate
    applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate
    is fixed for a period of time, after which it resets periodically, often every year or even monthly.

  • Federal Housing Authority Loans (FHA)

    An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing
    Administration (FHA). FHA loans can be used for low-to-moderate income borrowers who are unable or do
    not want to make a large down payment. These loans allow the borrower to borrow up to 96.5% of the value
    of the home (with a credit score of at least 580; otherwise, a 10% down payment is required). The 3.5% down
    payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time homebuyers.

  • HomeReady

    A type of conventional loan, HomeReady mortgages are offered by Fannie Mae. Similar to an FHA they are meant
    to help low- and moderate-income borrowers buy or refinance. These loans offer reduce the typical down payment
    to as low as 3% and reduce mortgage insurance requirements, but they’re also more flexible about allowing
    contributions from other people. This makes HomeReady an ideal choice if you’re relying on others to help
    fund your home purchase. Additionally, these loans allow for private mortgage insurance (PMI) to be cancelled
    or removed depending on the life-time value of the loan.

  • Veteran Affairs (VA)

    A VA loan is a mortgage loan available through a program established by the United States Department of
    Veterans Affairs. These loans are meant to serve service members, veterans, and eligible surviving spouses.
    These loans offer up to 100% financing on the value of a home along with other benefits that make the purchase
    of a property a low-expense.

Read about:   What does "underwriting" imply? The best way to take care of loan situations

Hard money loan

A hard money loan is a short-term and high-interest loan. Unlike traditional loans a HML is backed by the
value of the real estate and not by the credit worthiness of the borrower. They are funded by private investors
or companies as opposed to conventional lenders such as banks or credit unions.

Specialty Loans

Specialty loans typically come from non-bank lenders. These loans are usually for consumers and smaller businesses that can’t obtain traditional commercial loans.

  • Personal

    A personal loan can be a simple way to secure cash. Typically money is borrowed from a bank, credit union,
    online lender or a personal lender. The loan is paid back on a short timeline with monthly installments,
    including interest, or structured based on negotiations in the case of a personal lender.

Loan resources

Access more resources to better understand your options for investment loans.

  • The ultimate beginner’s guide to home loans

    Taking out a mortgage may be nerve-racking for a first-time buyer—and for good reason. Home loans represent a big commitment. But mortgages are also the simplest, most realistic way for the vast majority of people to buy a home. And if you choose correctly, your loan can be an affordable path to owning a home or investment property. Explore your lending options—including 15 vs. 30-year fixed-rate loans, adjustable-rate loans, and government-backed loans—to make your best, most informed decision here. Read guide

  • The guide for choosing the right loan

    Are you someone who wants to buy investment property, but you just can’t figure out how to finance your first buy? If so, this article is written for you. Learn about seven different ways to finance your first property. Before that, I’ll also share ideas to make sure this first purchase fits into your overall wealth building strategy so that you don’t waste time going down the wrong paths. Read guide

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