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Here are some of the most common mortgage loans, along with information to help you decide which is right for you.

Fixed-rate: Found a home to live in for 5-25 years then consider this. Stable and predictable, the interest rate is set for the full length.

Adjustable-rate: Starts with a lower initial interest rate, then grows after a set period. May depend on market conditions which will affect monthly payments, however there is a upper limit which helps limit excessive changes in your monthly payment.

Other types are:

• Jumbo loans. These are loans for homebuyers who need larger loan amounts.
• Stated Income/Stated Assets.
• No income/No assets
• Interest Only

Refinancing: This replaces your existing loan with another lower interest rate loan for the same amount. This can save you tons of money when market interest rates drop 1 or more percentage points lower than your present rate. Refinancing can be used to reduce your interest rate, change the term of your loan, or to consolidate your debts.