Types of mortgage loans

Fixed-rate mortgage: The interest rate remains constant throughout the life of the loan, providing predictable monthly payments. Adjustable-rate mortgage (ARM): The interest rate starts fixed for an introductory period and then adjusts up or down periodically based on a specified market index. Conventional loans: These are traditional loans not insured by the government. They typically require a credit score of at least 620 and may have stricter qualification requirements. FHA loans: Backed by the Federal Housing Administration (FHA), these loans are popular with first-time homebuyers and allow for lower credit scores (as low as 500) and smaller down payments (as low as 3.5%). VA loans: Guaranteed by the U.S. Department of Veterans Affairs (VA) for eligible military members and veterans, these often require no down payment. USDA loans: Backed by the U.S. Department of Agriculture (USDA) for properties in designated rural areas, these also typically require no down payment. Jumbo loans: These are for loan amounts that exceed the conforming loan limits set by the government.