Fixed-rate mortgages maintain the same interest rate for the length of your loan terms, which means your monthly mortgage payment stays the same. Fixed loans typically come in terms of 15 or 30 years.

ARM’s have fluctuating interest rates that vary with market conditions. Many ARMs start with a fixed interest rate for a few years then convert to a variable interest rate for the remainder of the term. This means your monthly mortgage payments may be lower in the first part of your loan term.

If a home price exceeds the maximum conforming loan limit for a single-family home in the US, you may need a Jumbo loan. Jumbo loans are more common in higher-cost areas. These conventional loans have a non-conforming loan limit but may require more in-depth documentation to qualify.

VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families. VA Loans do not require a down payment or PMI. Closing costs are often capped and may be paid by the seller. A funding fee is charged on VA loans, which is often rolled into most VA loans or paid upon closing.

Backed by the FHA, these loans help make homeownership possible for borrowers who don’t have a large down payment saved and/or don’t have excellent credit. FHA loans often require two mortgage insurance premiums, one paid upfront, the other paid over the life of the loan.

A reverse mortgage loan allows borrowers aged 62+ to tap into their home equity to supplement their income, pay for healthcare, and fund some of their retirement needs. Each loan has safeguards in place to protect borrowers, and the funds are dispersed at the borrowers' discretion.