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The most popular choice. Your interest rate and monthly payment stay the same for the life of the loan, so your costs are stable and predictable. The most common term is 30 years, but 20-, 15- and 10-year terms are also available. A shorter term means a higher monthly payment but much less interest paid overall.

An ARM usually starts with a lower rate than a fixed-rate loan, but the rate and payment can rise or fall over time. ARMs can be a smart choice for some borrowers, including first-time buyers, but they carry more risk, so we'll walk you through exactly how they work before you decide.

The rate adjusts on a regular schedule, such as every one, three or five years (called 1/1, 3/3 or 5/5 ARMs). For example, a 5/5 ARM has a fixed rate for five years, then resets every five years for the rest of its 30-year term. Your rate could go down in the future, but it could also go up.

A “best of both worlds” option: a fixed rate for the first 3, 5, 7 or 10 years, then a rate that typically adjusts once a year. Hybrid ARMs work best if you're confident about how long you'll stay in the home, or can comfortably handle a higher payment later.

FHA loans are insured by the Federal Housing Administration, which lets lenders offer them to borrowers with lower credit scores or smaller down payments. Down payments can be as low as 3.5%. Borrowers pay an upfront and an annual mortgage insurance premium. FHA loans are especially popular with first-time buyers.

VA home loans are guaranteed by the U.S. Department of Veterans Affairs and issued by private lenders. They're available to eligible service members, veterans and their families at lower rates and on more favorable terms.

“Jumbo” refers to the size of the loan, not a specific program. Fannie Mae and Freddie Mac limit the size of loans they buy (the conforming loan limit, which is updated every year and is higher in high-cost areas). Loans above that limit are jumbo loans, available in fixed and adjustable versions.

A Qualified Mortgage (QM) is a standard loan without risky features like interest-only payments, balloon payments or 40-year terms. Non-QM loans can offer more flexibility, such as alternative income documentation for self-employed borrowers or interest-only payments, and usually require stronger financial qualifications like a larger down payment.