Updated: Feb 25
Refinance - Homeowner refinances their loan on a primary residence, vacation home or second property (this is usually to get a lower interest rate on your current loan)
Purchase - Sale or purchase of property; notary can assist buyer, seller or both
HELOC - Home Equity Line of Credit; revolving line of credit secured by the property
Commercial - for real property owned by a business, legal entity or corporation
Construction Loan - Temporary loan to build a home or structure. Once complete, converts to a traditional mortgage
Reverse Mortgage - Type of loan obtained by a person 62 years or older whose home is paid off. Lender makes a payment as a lump sum/line of credit/monthly payment to the borrower. Repayment is postponed as long as the person lives in the home.