Loan Options
A plain-language overview of common mortgage categories. These descriptions are educational and are not an offer of credit or a determination of eligibility.
A purchase mortgage helps you finance a home you are buying. Loan structures differ in term length, down payment expectations, and how interest is calculated. We walk through the options with you so you can compare what may fit your goals and budget.
See what may fit your goalsConventional loans are mortgages that are not part of a government-insured program. Requirements are set by the lender and by the standards of the secondary mortgage market. They are a common option for borrowers evaluating a range of down payment and term choices.
See what may fit your goalsFHA loans are a mortgage program category insured by the Federal Housing Administration. Bloomfield Lending is a private company and is not a government agency, and is not acting on behalf of or at the direction of the FHA or any government agency. Program terms, insurance premiums, and qualifying standards are set by the program, not by us.
See what may fit your goalsVA loans are a mortgage program category guaranteed by the U.S. Department of Veterans Affairs for borrowers who meet the program's service and entitlement requirements. Bloomfield Lending is a private company and is not a government agency, and is not affiliated with or endorsed by the VA. Eligibility is determined by the program.
See what may fit your goalsRefinancing replaces your current mortgage with a new one. Borrowers consider it for reasons such as changing the loan term or moving between rate structures. Whether refinancing makes sense depends on your individual circumstances, closing costs, and how long you plan to keep the loan.
See what may fit your goalsA cash-out refinance replaces your existing mortgage with a larger loan and returns the difference to you at closing, using the equity in your home. Because it increases the amount borrowed against your property, it is worth reviewing carefully alongside other options.
See what may fit your goalsThat's a normal place to start. Tell us about your goals and we'll help you compare the options that relate to them.
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