A fixed-rate mortgage has an interest rate that remains the same throughout the life of the loan, offering predictable monthly payments.

An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on the performance of a specific index, often resulting in fluctuating monthly payments.

A conventional mortgage is a loan that is not insured or guaranteed by the federal government and usually requires a higher credit score and a larger down payment.

An FHA loan is a mortgage insured by the Federal Housing Administration, designed for lower-income or first-time homebuyers, typically with lower down payment requirements.

A VA loan is a mortgage loan provided to veterans and active-duty service members, guaranteed by the U.S. Department of Veterans Affairs, with favorable terms such as no down payment and competitive interest rates.

A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA), typically requiring a larger down payment and stricter credit qualifications.

Mortgage insurance protects the lender in case the borrower defaults on the loan. It is typically required for loans with down payments lower than 20%.

A bi-weekly mortgage payment plan splits your monthly payment in half, paid every two weeks, which results in making one extra payment per year and can help reduce the total interest paid on the loan.

A home equity loan provides a lump sum of money with fixed payments, while a HELOC offers a revolving line of credit with variable payments based on the amount borrowed.