Fixed-Rate Mortgage (FRM)
A loan with the same interest rate and payment over the entire life of the loan. HomeAmerican Mortgage offers loan terms of 15 and 30 years. With a shorter loan term, you’ll pay lower lifetime interest payments, but you will also have a higher monthly payment.

Adjustable-Rate Mortgage (ARM)
A loan with a fixed rate for the first 1, 3, 5, or 7 years. An ARM has an interest rate that changes once each period for the remaining life of the loan. Because the interest rate can change after the first period, the monthly payment may also change.

Federal Housing Authority Loan (FHA)
The FHA is a division of the Department of Housing and Urban Development. Its main activity is the insuring of residential mortgage loans made by private lenders.

Department of Veterans Affairs Loan (VA)
A mortgage loan made by an approved lender and guaranteed by the Department of Veterans Affairs. VA loans are available to veterans and those currently serving in the military, and can have a lower down payment than other types of loans.