First Mortgage Loans, more commonly known simply as a home loan or home mortgage, are as broad as any type of loan available for any product. Usually, a first mortgage will have a loan-to-value ratio between 80%-95% when a home is first purchased. Subsequently the loan may be refinanced by the borrower to achieve a more desirable rate or perhaps shorten the term (length) of the loan.

First Mortgage Loans can be sub-categorized in the following ways:

• Purchase Money Loans
• Refinance Loans
• Good Credit (A) Loans
• Bad Credit (B) Loans
• Non-Conforming Loans (no document loans, 100% loans, etc)
• Jumbo Loans
• FHA and VA Government-backed loans

Most first mortgages that have a loan-to-value ratio over 80% will also require mortgage insurance. Borrowers who don't have 20% to put down on a new home often choose an 80% first mortgage with a 15% second mortgage in order to avoid the mortgage insurance which is usually not tax deductible. Your tax advisor will be able to tell you whether interest from a second mortgage will be tax deductible for you in your case.

Consult with your loan officer to find out which loan program will offer you the best interest rate and closing fees for you as you refinance your current loan or purchase a new home.