.png)
Fixed Rate Mortgage
Fixed-rate mortgage loans have the same interest rate for the entire repayment term. The usual 30-year fixed-rate loan has the same interest rate, and the same monthly payment for the entire term.
Adjustable Rate Mortgage
Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or adjust from time to time. Usually the rate on an ARM will change every year after an initial period of remaining fixed.
Conventional Loan
Government Backed Loan
Conventional loan guidelines need to meet certain requirements such as down payment amounts, acceptable credit scores and loan limits. Conventional loans are typically more popular than government backed because they offer lower payments
A government-backed mortgage is a loan insured by one of three federal government agencies: the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA) or the Department of Veterans Affairs (VA).