What are the 6 types of mortgages?

The six common types of mortgages are:

1. Fixed-Rate Mortgage: Offers a consistent interest rate and monthly payment over the life of the loan, typically 15 or 30 years.
2. Adjustable-Rate Mortgage (ARM): Has an interest rate that fluctuates periodically based on market conditions, usually starting with a lower rate for a fixed period.
3. Interest-Only Mortgage: Allows the borrower to pay only the interest for a set period, after which payments increase to include principal.
4. FHA Loan: Insured by the Federal Housing Administration, designed for low-to-moderate-income borrowers with lower credit scores.
5. VA Loan: Available to eligible veterans and active-duty military members, often requiring no down payment and offering favorable terms.
6. Jumbo Mortgage: Used for amounts exceeding conforming loan limits, typically with stricter qualification criteria and higher interest rates.