Compare two programs side by side
Drag the sliders to see how rate, term, and down payment change the monthly payment and total cost. A quick way to frame the tradeoffs before we review your real numbers.
Standard loan, flexible down payment and term.
Mortgage insurance may apply with lower down payments.
Low down payment, flexible credit.
Upfront + annual mortgage insurance typically applies.
How they compare
Monthly payment difference
+$84/mo
Lower payment: FHA
Total interest difference
+$1,060
Less total interest: FHA
Illustrative hypothetical example only. Rates and terms shown are editable inputs, not current available quotes or offers. This estimates principal & interest only — it excludes taxes, insurance, HOA, mortgage insurance, and closing costs, which can change the real payment and total cost. Actual escrow and mortgage insurance may differ. A consultation alone is not approval and does not initiate a credit pull. Programs, rates, and terms may change; not all applicants will qualify.
Conventional
Purchase and refinance (rate-term and cash-out, subject to limits).- Who it may help
- Buyers with steady income and solid credit; a wide range of down payment and term options.
- How it works
- A standard loan not backed by a government agency, with guidelines set by the investor. Down payment and term options vary by borrower and property.
- Documentation
- Income documentation (W-2s/tax returns), asset verification, credit review.
- Costs & tradeoffs
- Closing costs, and mortgage insurance may apply with lower down payments.
- Alternatives
- FHA for flexible credit; VA for eligible veterans.
Is conventional always better than FHA?
Not always. It depends on your credit, down payment, and how long you'll keep the loan. We compare both honestly.
FHA
Purchase and refinance, including FHA streamline refinance where offered and verified.- Who it may help
- First-time buyers and those with modest down payments or flexible credit backgrounds.
- How it works
- A government-insured loan with a low minimum down payment. Upfront and annual mortgage insurance typically apply.
- Documentation
- Income documentation, credit review, and property standards.
- Costs & tradeoffs
- Upfront mortgage insurance can be financed into the loan; annual mortgage insurance applies.
- Alternatives
- Conventional; down payment assistance where eligible.
Can I remove FHA mortgage insurance?
FHA mortgage insurance rules depend on the loan case and term. We'll review what applies to your scenario.
VA
Purchase and refinance, including VA IRRRL where offered and verified.- Who it may help
- Eligible veterans, active service members, and qualifying spouses.
- How it works
- A government-backed loan with no down payment required for eligible borrowers, subject to entitlement and lender requirements.
- Documentation
- Certificate of Eligibility, income and credit review.
- Costs & tradeoffs
- A VA funding fee applies in most cases (some exemptions); no monthly mortgage insurance.
- Alternatives
- Conventional; FHA.
Do I need a down payment?
Many eligible borrowers can put zero down, subject to entitlement and loan limits. We'll confirm your eligibility.
Bank Statement
Purchase and refinance, subject to guidelines.- Who it may help
- Self-employed borrowers whose tax returns don't fully reflect their income.
- How it works
- Some programs use personal and/or business bank statements to assess qualifying income differently from tax-return-based programs. Not 'no-income-verification.'
- Documentation
- Bank statements (12–24 months typically), business verification, credit and reserves.
- Costs & tradeoffs
- Costs and rates vary by program; alternative documentation may carry different pricing.
- Alternatives
- Conventional with full documentation; DSCR for investors.
Is this a no-doc loan?
No. It uses alternative documentation, but income is still assessed and eligibility requirements apply.
DSCR
Purchase and eligible refinance of investment properties.- Who it may help
- Real estate investors financing rental properties.
- How it works
- Qualifying considers the property's rental cash flow relative to its debt obligations (qualifying rent ÷ PITIA). Lender definitions and thresholds vary.
- Documentation
- Rent analysis/schedule, appraisal, reserves, and property eligibility review.
- Costs & tradeoffs
- Costs vary; watch for prepayment penalties where applicable.
- Alternatives
- Conventional investor financing; bridge/hard money.
Is DSCR guaranteed approval?
No. DSCR is not guaranteed approval or no documentation. Reserves, property eligibility, and lender thresholds still apply.
HELOC
Home equity access for major goals; not a purchase loan.- Who it may help
- Homeowners who want flexible access to equity.
- How it works
- A variable-rate line of credit secured by your home. Borrow during a draw period, then repay. Rates and payments can change.
- Documentation
- Income, credit, and appraisal to establish equity and qualification.
- Costs & tradeoffs
- Closing costs may apply; variable interest accrues on drawn balances.
- Alternatives
- Digital HELOC; fixed second mortgage; cash-out refinance.
Can payments rise?
Yes. HELOCs are typically variable, and payments may increase after the draw period. Not every product permits interest-only payments.
Digital HELOC
Digital home equity access; not a purchase loan and not a general HELOC.- Who it may help
- Homeowners who want a fully digital, streamlined home equity option with a dedicated online application.
- How it works
- A specific digital home equity product with its own secure application portal. It is a distinct product from a general HELOC or bank statement HELOC—different process, provider, and terms.
- Documentation
- Income, credit, and property/equity verification through the digital portal. Exact requirements are set by the provider.
- Costs & tradeoffs
- Costs and terms are set by the provider; confirm current fees, funding time, and credit-pull type before applying.
- Alternatives
- General HELOC; fixed second mortgage; cash-out refinance.
Is the Digital HELOC the same as a regular HELOC?
No. The Digital HELOC is a specific digital product with its own portal and terms. It is separate from a general HELOC or bank statement HELOC.
Second Mortgage
Home equity access; keeps your existing first mortgage in place.- Who it may help
- Homeowners wanting a fixed lump sum while keeping their first mortgage.
- How it works
- A fixed-rate loan in second lien position, giving you a one-time lump sum with a predictable payment.
- Documentation
- Income, credit, and appraisal.
- Costs & tradeoffs
- Closing costs; a second lien is placed on your home.
- Alternatives
- HELOC; cash-out refinance.
Does this replace my first mortgage?
No. A second mortgage sits behind your existing first mortgage.
Cash-Out Refinance
Home equity access; owner-occupied and investment (subject to limits).- Who it may help
- Homeowners who want to replace their first mortgage and take equity as cash.
- How it works
- Refinance for more than you owe and receive the difference in cash. You get a new first mortgage on the full balance.
- Documentation
- Income, credit, and appraisal.
- Costs & tradeoffs
- Closing costs on the full loan amount; new rate and term.
- Alternatives
- HELOC; fixed second mortgage.
Does cash-out cost more?
Cash-out refinances may carry different pricing than rate-term refinances. We'll compare total costs.
Rate-and-Term Refinance
Refinance only; no cash to borrower.- Who it may help
- Homeowners who want a better rate or term without taking cash out.
- How it works
- Refinance to change your interest rate or term. Lowering your monthly payment by extending the term may increase total interest.
- Documentation
- Income, credit, and appraisal.
- Costs & tradeoffs
- Closing costs; weigh against monthly savings and total interest.
- Alternatives
- Cash-out refinance; HELOC if you need funds.
Will I save money?
Lower monthly payments don't always mean lower total cost—especially if the term is extended. We'll show the break-even and total-interest tradeoff.
Non-QM (incl. eligible ITIN/E2)
Purchase and refinance, subject to program availability.- Who it may help
- Borrowers whose situations fall outside standard qualifying guidelines.
- How it works
- Non-Qualified Mortgage programs offer flexible guidelines for specific scenarios, including eligible ITIN or E2 situations where offered and verified.
- Documentation
- Varies by program—alternative income or documentation may be considered.
- Costs & tradeoffs
- Pricing and terms vary; confirm availability before relying on a program.
- Alternatives
- Bank statement; DSCR; conventional.
Are ITIN loans always available?
Only where offered and verified. Availability changes—confirm before planning around it.
Bridge / Hard Money
Time-sensitive purchases, rehabs, or bridge scenarios.- Who it may help
- Investors or buyers needing short-term, time-sensitive financing.
- How it works
- Short-term loans focused on the property and exit strategy rather than full income documentation. Higher costs and shorter terms are typical.
- Documentation
- Property-focused; less income documentation, but terms vary.
- Costs & tradeoffs
- Higher rates and fees; watch for prepayment penalties.
- Alternatives
- DSCR; conventional investor financing.
Is this a long-term loan?
No. Bridge/hard money is short-term. You'll need an exit plan, such as a refinance or sale.
ARM (Adjustable-Rate)
Purchase and refinance, subject to availability.- Who it may help
- Borrowers who may benefit from an initial fixed period before the rate adjusts.
- How it works
- An adjustable-rate mortgage has an initial fixed period, then the rate can adjust per its terms. Adjustment structures vary by product—no universal schedule.
- Documentation
- Standard income, credit, and asset documentation.
- Costs & tradeoffs
- Initial rate may be lower; rate and payment can change after the fixed period.
- Alternatives
- Fixed-rate conventional or FHA.
How high can the rate go?
ARM adjustment structures vary by product. We'll review the specific caps and terms of any ARM offered—never assume a universal structure.
Not sure which program?