Purchase Loans
Purchase loans are designed for individuals looking to buy a home. They are the first step toward homeownership and come in various forms to suit different financial situations. Typical rates for purchase loans can vary widely based on credit score, down payment, loan term, and the economic environment. Borrowers with strong credit histories and substantial down payments often secure the best rates. Purchase loans are ideal for first-time buyers, upgraders, or those looking to invest in real estate. They are typically the most straightforward type of mortgage, with options like fixed-rate loans where the interest rate stays the same throughout the life of the loan, or adjustable-rate mortgages where the rate can change after a certain period.