- Fixed-Rate Mortgage (FRM): The interest rate remains the same throughout the entire term of the loan.
- Adjustable-Rate Mortgage (ARM): The interest rate can change periodically based on an index.
- Interest-Only Mortgage: For a set period, payments only go towards the interest on the loan.
- Balloon Mortgage: Involves low monthly payments for a period, followed by a large payment to pay off the balance.
- Reverse Mortgage: Designed for seniors, allowing them to convert part of their home equity into cash.
- Government-Insured Federal Housing Administration (FHA) Loans: Aimed at borrowers who might not qualify for a conventional mortgage.
- Veterans Affairs (VA) Loans: Offered to veterans and their families with favorable terms.
- United States Department of Agriculture (USDA) Loans: Aimed at rural homebuyers, often requiring no down payment.
- Jumbo Mortgage: For loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.
- Conforming Mortgage Loan: Meets the standards of Fannie Mae and Freddie Mac.
- Non-Conforming Mortgage Loan: Does not meet the criteria of Fannie Mae or Freddie Mac.
- Conventional Mortgage: Not insured by the government.
- Graduated Payment Mortgage (GPM): Payments start low and increase over time.
- Shared Equity Mortgage: Involves an agreement to share the increased value of the home.
- Construction-to-Permanent Loan: For financing the construction of a home, which then converts to a mortgage upon completion.
- Interest-Only Jumbo Loan: A jumbo loan with an interest-only payment period.
- Combo or Piggyback Loan: Involves taking out two mortgages simultaneously.
- Buydown Mortgages: Start with a lower interest rate that increases to a fixed rate over time.
- Home Equity Line of Credit (HELOC): Allows borrowing against the available equity in your home.
- Home Equity Loan: A lump sum loan using your home as collateral.
- Bridge Loans: Short-term loans to bridge the gap between the purchase of a new home and the sale of the current home.
- Renovation Loans: Specifically for home improvement projects.
- Subprime Mortgage: For borrowers with lower credit scores.
- Portable Mortgage: Can be transferred from one property to another.
- All-In-One Mortgage: Combines a checking account and a mortgage loan.
