Jumbo Loans: Almost exactly what they sound like, these are loans in which the principle borrowed ismore than $322,700 (that amount may change from instititution to institution).

Adjustable Rate Mortgage (ARM): Mortgage with an interest rate that adjusts periodically depending on a pre-selectedindex. Also called the renegotiable-rate mortgage, variable-rate mortgage, or Canadial rollover mortgage.

Fixed Rate Mortgage: Mortgage with a stable interest rate throughout the term of the mortgage as long as the original note is kept intact.

Interest Only Loan: Monthly mortgage payment does not include any repayment of principal for a specified period of time, but only includes interest. These are very popular for people who are flipping a house to cash out equity as it grows.

VA Loan: Long-term, low- or no-down-payment loan that is guaranteed by the Department of Veterans Affairs for individuals who have served in the military and who are entitled because of this service (i.e., who are currently in or who have had an honorable or administrative discharge; other situations may also apply).

125% Mortgage: This special second mortgage allows you to borrow more than your home is worth. This mortgage is often used as a way to consolidate debt.