{"id":18,"date":"2020-08-31T07:17:32","date_gmt":"2020-08-31T14:17:32","guid":{"rendered":"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal\/home-loans\/types-of-home-loans"},"modified":"2025-02-04T23:44:39","modified_gmt":"2025-02-04T23:44:39","slug":"types-of-home-loans","status":"publish","type":"page","link":"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal-home-loans\/home-loans\/types-of-home-loans\/","title":{"rendered":"Types of Home Loans"},"content":{"rendered":"<h2>Home Loan Options<\/h2> <p>Our mortgage originators will provide a variety of home loan options to help you find the right one. They have the expertise and knowledge to offer step-by-step guidance so you will feel confident with the sometimes complicated home buying process.<\/p> <h3>Conventional or Fixed Rate Loans<\/h3> <p>The principal and interest payments does not change for the life of your loan. You may choose from a variety of terms, which are amortized over the life of the loan. This mortgage is not insured by or guaranteed by the government.<\/p> <h3>Adjustable Rate Loan<\/h3> <p>These (ARM) loans have interest rates that fluctuate periodically, which can subsequently cause the principal and interest payments to go up or down monthly, semi-annually, annually, or remain fixed for a period of time before it changes.<\/p> <h3>Combo\/piggyback Loans<\/h3> <p>These mortgages consist of two loans: a first mortgage and a second mortgage. The mortgages can be fixed-rate or adjustable-rate mortgages, or a combination of the two. Borrowers take out two loans when the down payment is less than 20% to avoid paying private mortgage insurance (PMI).<\/p> <h3>Jumbo Loans<\/h3> <p>This loan program offers borrowers home financing for high priced or luxury homes. Jumbo loans exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA).<\/p>   <div class=\"wp-block-ncr-blocks-button button button-align-none\"><a class=\"ncr-btn btn\" href=\"https:\/\/firstamericanbanknm.mymortgage-online.com\/MortgageLoanOriginators.html\" target=\"_blank\" rel=\"noopener noreferrer\">Originators<\/a><\/div>    <p>Visit or call your local mortgage originators to discuss your next steps.<\/p>    <div class=\"wp-block-ncr-blocks-button button button-align-none\"><a class=\"ncr-btn btn\" href=\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/wp-content\/uploads\/2025\/02\/2.25-Mortgage-Checklist-3.pdf\" target=\"_self\" rel=\"noopener noreferrer\">Checklist<\/a><\/div>    <p>Our mortgage application checklist is a guide to help you gather information that may be needed to complete your home loan.<\/p>    <div class=\"wp-block-ncr-blocks-button button button-align-none\"><a class=\"ncr-btn btn\" href=\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/calculators\/\" target=\"_self\" rel=\"noopener noreferrer\">Calculators<\/a><\/div>    <p>Use our&nbsp;calculators&nbsp;to estimate home loan financing options.<\/p>      <p><\/p>","protected":false},"excerpt":{"rendered":"Home Loan Options Our mortgage originators will provide a variety of home loan options to help you find the right one. They have the expertise and knowledge to offer step-by-step guidance so you will feel confident with the sometimes complicated home buying process. Conventional or Fixed Rate Loans The principal and interest payments does not [&hellip;]","protected":false},"author":1,"featured_media":2096,"parent":17,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"template_back.php","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-18","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Types of Home Loans - First American Bank<\/title>\n<meta name=\"description\" content=\"We offer a variety of home loan options. Our local mortgage originators can help you find the home loan that is right for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal-home-loans\/home-loans\/types-of-home-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types of Home Loans - First American Bank\" \/>\n<meta property=\"og:description\" content=\"We offer a variety of home loan options. Our local mortgage originators can help you find the home loan that is right for you.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal-home-loans\/home-loans\/types-of-home-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"First American Bank\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-04T23:44:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/wp-content\/uploads\/2021\/01\/img-header-doubledoors-1420x410-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1420\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal-home-loans\/home-loans\/types-of-home-loans\/\",\"url\":\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal-home-loans\/home-loans\/types-of-home-loans\/\",\"name\":\"Types of Home Loans - First American Bank\",\"isPartOf\":{\"@id\":\"https:\/\/www.firstamericanbanknm.com\/wph\/workarea\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal-home-loans\/home-loans\/types-of-home-loans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/personal-home-loans\/home-loans\/types-of-home-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.firstamericanbanknm.com\/wph\/staging\/wp-content\/uploads\/2021\/01\/img-header-doubledoors-1420x410-1.png\",\"datePublished\":\"2020-08-31T14:17:32+00:00\",\"dateModified\":\"2025-02-04T23:44:39+00:00\",\"description\":\"We offer a variety of home loan options. 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