Fixed-Rate Mortgages:

• 30-Year Fixed: Most common, with equal monthly payments and a fixed interest rate for 30 years.
• 15-Year Fixed: Higher monthly payments but lower overall interest costs compared to a 30-year term.

Adjustable-Rate Mortgages (ARMs):

• Hybrid ARMs: Offer a fixed rate for an initial period (e.g., 5, 7, or 10 years) after which the rate adjusts periodically.
• Interest-Only ARMs: Allow borrowers to pay only the interest for a set period, with principal payments starting later.

FHA Loans:

• Insured by the Federal Housing Administration (FHA) and designed for low-to-moderate-income borrowers with lower credit scores and smaller down payments.

VA Loans:

• Backed by the Department of Veterans Affairs (VA) and available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves, often requiring no down payment.

USDA Loans:

• Offered by the U.S. Department of Agriculture (USDA) for eligible rural and suburban homebuyers, typically requiring no down payment.

Jumbo Loans:

• Non-conforming loans that exceed the limits set by Fannie Mae and Freddie Mac. They usually come with stricter credit requirements and higher interest rates.

Home Equity Loans and HELOCs:

• Home Equity Loan: A lump-sum loan based on the equity in your home, with fixed monthly payments and a fixed interest rate.
• Home Equity Line of Credit (HELOC): A revolving credit line based on home equity, allowing borrowing up to a credit limit with variable interest rates.