Types of home loans
UBT offers a range of home loans for all home-buying situations and needs — many of which are serviced in-house. Read on to learn about your options.
Buying or building a new home is exciting, and it’s one of the most important financial decisions you’ll ever make. But depending on your unique situation, there are many options to consider. A mortgage loan expert will work with you to find a loan that fits you best.
Conventional home loans
- Fixed-rate conventional: Fixed-rate mortgages have a set interest rate for the entire length of the mortgage term, which can be between 10 and 30 years. The fixed-rate mortgage is the most common type of loan program. Because the interest rate remains constant for the life of the loan, your monthly payments for interest and principal never change. Property taxes and homeowners insurance may vary from year to year, but generally your monthly payments will be very stable.
- Jumbo loans: A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan.
Specialty home loans
A variety of specialty mortgage loan products are available. Visit with a Union Bank home loan expert to learn more about these products.
- Federal Housing Administration (FHA) mortgage: FHA mortgages are designed to help you purchase a home with a low down payment and less restrictive qualifying guidelines. These loans are insured by the FHA.
- Nebraska Investment Finance Authority (NIFA) loans: This program provides funding for mortgages made to homebuyers — typically first-timers — who need assistance with a down payment (with certain exceptions) throughout the state of Nebraska and meet established income and purchase price limits.
- VA mortgage: This type of mortgage provides the opportunity to buy a home up to a specified amount with no down payment and are assumable. These loans are administered by the Department of Veteran Affairs.
- Bridge loans: If purchasing your new home also involves selling your existing home, there’s no need to miss out on buying that new dream home just because your current residence is not yet sold. We’ll help you get there.
- Lot loans: We can help you with financing for the purchase of residential lots, even if you aren’t ready to build your new home today.
- Cash-to-close loans: Our cash-to-close loan allows qualified buyers to tap into the equity in your current home for the down payment on your new home.