While there are specific types of loans (FHA, Conventional, Jumbo etc.), there are also various types of home financing (HELOC, Cash-out Refinance, Reverse).  Below you will find a list of financing options with links directly to information and lenders who can pre-qualify you for one or more of the available options.

Home Refinance (no cash-out) - When a home is owned (borrower is on the title) and typically mortgaged (borrower is on the mortgage/deed of trust/contract for deed), and he/she wishes to pay-off the current mortgage while simultaneously obtaining a new mortgage with no funds from the home's equity being dispersed to- or on behalf of the homeowner/borrower, the home financing is referred to as a refinance (sometimes referred to as a refi).

Cash-Out Refinance - When a home is owned (borrower is on the title) and typically mortgaged (borrower is on the mortgage/deed of trust/contract for deed), and he/she wishes to pay-off the current mortgage while simultaneously obtaining a new mortgage loan with funds from the home's equity being dispersed to- or on behalf of the homeowner/borrower, the home financing is referred to as a cash-out refinance (sometimes referred to as a cash-out refi).  The new mortgage may have different terms from the original mortgage and will have a new amortization schedule.  It will be used to pay off the first mortgage, closing costs and any prepaid insurance and taxes with the remaining cash as the disbursement.

Home Purchase - When a borrower is not on the current mortgage for the property and wishes to buy it, then it would be Financing a Home Purchase and/or Real Estate Purchase.  If the home is being custom built, the financing would typically be New Construction Financing.  If the home is new but built as a trac home/ subdivision home/spec home, the borrower may need to comply with different earnest/down payment requirements set forth by the builder but will otherwise apply for typical Financing for a Home Purchase.  If the real estate will be leased first for a specified period of time, then the borrower will be required to purchase the property (pay cash and/or obtain Financing for a Home Purchase), the term is referred to as a Lease Purchase.  If the real estate will be leased for a specified period of time and during that time, after or up to a specified period of time the borrower has an option to purchase the property (pay cash and/or obtain Financing for a Home Purchase), the term is referred to as a Lease with Option to Buy.

HELOC (Home Equity Line of Credit) - This type of home equity loan is a mortgage that places a lien (secondary to the first lien holder, if applicable) that allows the borrower to access funds, as needed, up to the maximum approved line of credit based on, among other qualifications, a percentage of available equity in the borrower's home (often 80-85%).  In most cases, the borrower should have average to above average credit, acceptable debt to income ratios (percentage of household debt to household income) and good job history.  The interest is rarely tax deductible for this type of loan, but refer to www.IRS.gov (Publication 936), a tax advisor and/or accountant for advice.

HELOAN (Home Equity Loan) - This type of home equity loan is a lien (secondary to the first lien, if applicable) that provides the borrower a fixed sum of money, secured by the borrower's equity, up to the maximum approved amount, usually 80-85% of the home's value minus the balance of the first mortgage (if applicable).  It differs from a HELOC, which is a revolving amount of credit instead of a one-time disbursement shortly after closing.  Like the HELOC, the borrower should have average to above average credit, acceptable debt to income ratios (percentage of household debt to household income) and good job history.  The interest is rarely tax deductible for this type of loan, but refer to www.IRS.gov (Publication 936), a tax advisor and/or accountant for advice.

HECM (Home Equity Conversion Mortgage) - One of the most common forms of a reverse mortgage.

Debt Consolidation Loan - When referring to a real estate loan, a DCL can reference a HELOC, HELOAN and/or cash-out refinance.  It is a debt relief/repayment strategy meant to combine all or some of the borrower's debts into one loan, often with a lower overall APR and/or monthly payment.  In some cases, the interest from the real estate consolidation loan may be tax deductible but refer to www.IRS.gov (Publication 936), a tax advisor and/or accountant for advice.

Reverse Mortgage - A reverse mortgage is a home loan only for homeowners who are 62 and older. Borrowers don’t make monthly mortgage payments; however, they are still responsible for taxes and insurance.  The most unique difference between a traditional mortgage and a reverse mortgage is that the qualified homeowner receives funds in either a lump sum, monthly installments and/or through a line of credit.   In addition to the age requirement, there are other qualifications the homeowner must meet in order to qualify for a reverse mortgage.