Types of Mortgages
There are a number of different types of mortgages.  When you meet with your banker or mortgage broker, be sure to review all of your options.  The list here provides a description of some of the options, your mortgage specialist will have a more comprehensive list.

Fixed-Rate:  A fixed rate mortgage is what most people think of when talking about a mortgage.  It is an amortized program in which principal and interest is determined based on the amount and the period of time.  You know what you will need to pay each month for the life of the loan.  Fixed rate mortgages can be for 5, 10.15, 20 or 30 years..

ARMs:  Adjustable Rate Mortgages are mortgages in which the interest rate fluctuates.  How the interest rate adjusts is based on the type of ARM that you get.  There are some that adjust annually, semi-annually.  Some remain constant for a period of time, such as, 1,3, or 5 years and then adjust after that.  Typically, an ARM has a cap on how high or low the rate can be adjusted to.  It is important to understand how this type of mortgage will work before applying for one.

FHA:  The Federal Home Administration loans are loans that are funded by the federal government.  This mortgage type requires a minimum down payment and FICO scores are not as important.

VA:  A Veteran's Affairs loan is guaranteed by the VA, but funded by a conventional lender.  It is available to veterans that have served in the armed forces and their spouses.  There is specific eligibility requirements based on the length of service and other factors.

Bridge Loan:  This is a special type of loan in which a homeowner that is purchasing a new home, but has not yet sold their existing home, can use their existing equity and apply it towards their new home. 

There are many other mortgage types that you may be eligible for.  It's important to ask your mortgage specialist about your options.