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TYPES OF MORTGAGES

Learn About the Different Types of Mortgages Available

Understanding Different Mortgage Options

A mortgage is one of the most significant financial commitments most people will ever make. Whether you’re buying your first home, refinancing an existing loan, or investing in real estate, understanding how mortgages work can help you make informed decisions and save money in the long run.

By understanding your options and planning carefully, you can secure a mortgage that aligns with your long-term financial goals.

The Types of Mortgages

There are several types of mortgage loans, each designed to meet different financial situations

  • Conventional
  • FHA
  • VA
  • USDA
  • DSCR
  • Rate and Term Refinance
  • Cashout Refinance
  • DPA Programs
  • Flex Term Refinance
  • Manufacturd Homes
  • No fee to waive escrows with as little as 5% down on Conventional and 0% down on VA loan
  • And many more
Fixed-Rate Mortgage
This type of loan maintains the same interest rate and monthly payment over the entire term, making budgeting more predictable.
ARMs typically offer lower initial interest rates that adjust periodically based on market conditions, which can result in fluctuating payments.
Backed by the Federal Housing Administration, these loans require lower down payments and credit scores, making them ideal for first-time homebuyers.
Available to eligible veterans and active-duty military members, VA loans often require no down payment and come with favorable terms.
Designed for properties exceeding conventional loan limits, these loans are common in high-cost housing markets and require strong credit profiles.
  • Allison Morrow, Owner, Sr. Loan Originator NMLS#1713496
  • All American Mortgage Group, LLC, NMLS#2546854
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Figure: 7 TAC §80.200(b) “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT (877) 276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT-OF-POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”
  • 4601 Antilley Road
    Building E Suite 502
    Abilene, Texas 79606
  • Mon - Fri: 9:00 AM - 5:00 PM
    Sat & Sun: Closed
  • Allison Morrow, Loan Originator NMLS#1713496​
  • All American Mortgage Group, LLC, NMLS#2546854​