1 year adjustable (ARM) - A loan with a fixed rate for the first 1 year that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 1 year, the monthly payment may also change.

10 year adjustable (ARM) - A loan with a fixed rate for the first 10 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 10 years, the monthly payment may also change.

10 year fixed - A loan with the same interest rate and payment over the entire 10 year life of the loan. As one of the shorter loan terms available, 10 year fixed loans offer lower lifetime interest payments than similar loans with longer terms, but you also have a higher monthly payment.

15 year fixed - You generally pay a lower interest rate with a 15 year loan. You will pay less interest and build equity quickly.

2 year adjustable (ARM) - A loan with a fixed rate for the first 2 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 2 years, the monthly payment may also change.

20 year fixed - The 20 year fixed loan is a good way to have fixed payments and shorten the term of your loan. You will build equity faster, pay less interest, and own your home sooner. Your monthly payments will be higher since the term is shorter.

25 year fixed - A loan with the same interest rate and payment over the entire 25 year life of the loan. As one of the longer loan terms available, 25 year fixed loans offer lower payments, but you will pay more in interest over the life of this loan than a similar loan with a shorter term.

3 year adjustable (ARM) - A loan with a fixed rate for the first 3 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 3 years, the monthly payment may also change.

30 year fixed - The 30 year fixed is one of the most popular loans. Many people like the fixed interest rate and lower monthly payments. But since the term of the loan is long, you will pay more interest over the life of the loan.

40 year fixed - A loan with the same interest rate and payment over the entire 40 year life of the loan. As one of the longer loan terms available, 40 year fixed loans offer lower payments, but you will pay more in interest over the life of this loan than a similar loan with a shorter term.

5 year adjustable (ARM) - A loan with a fixed rate for the first 5 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 5 years, the monthly payment may also change.

5-Year Balloon Mortgage - The payment is calculated over a stated term and the balance must be repaid or refinanced at the end of the 5th year.

7 year adjustable (ARM) - A loan with a fixed rate for the first 7 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 7 years, the monthly payment may also change.

7-Year Balloon Mortgage - The payment is calculated over a stated term and the balance must be repaid or refinanced at the end of the 7th year.