A fixed-rate mortgage is a mortgage loan with an interest rate that stays the same throughout the entire life of the loan.
An adjustable-rate mortgage (ARM) is a mortgage loan with an interest that changes throughout the life of the loan.
A reverse mortgage is a loan offered to individuals who are 62 years old or older. They allow you to receive payments instead of make them, by using the equity in your home.
An interest-only mortgage is a mortgage loan which only requires the individual to pay interest and eventually, on a specific date, repay the principal in a lump sum.
An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA). The FHA is a part of the Department of Housing and Urban Development, or HUD.
A VA loan is a mortgage loan insured by the United States Department of Veterans Affairs, or the VA, offered to veterans and service members.
A USDA loan, also called a rural loan, is a low-interest mortgage with no down payment, designed for low-income borrowers.
A jumbo loan, also called a non-conforming conventional mortgage, is a loan that costs more than $726,200, currently.