Fixed Rate - Fixed rate mortgages are for specified period of years (30,20,15). The longer the period the lower the rate. The total outlay of funds (Principal & Interest) is greater with the longer loan, but the payments are less. With a shorter length the payments are higher, but the total outlay is less.
Adjustable Rate Mortgage- ARM's- These are 30 year loans with periodic rate adjustments based on the the annual prime rate. There can be 1,3,5 year ARM's which means your rate changes at 1, 3, 5 year intervals. There are also Arms that are fixed for 3,5,7,10 years and adjustable annually for the loan remainder.
Balloon - These are 30 year loans which start out with the fixed rate, but after a stipulated period require the remainder of the loan to be paid off. eg:5/25, 7/23.
Two Step Mortgage - A 30 year mortgage with two rates. One for the initial period and another based on current prime rate for the remainder. eg: 5/25,7/23.
FHA - The Federal Housing Authority does not make mortgages, but insures them thus increasing lenders willingness to make the loan and allowing buyers to make lower down payment.
VA - Qualified veterans can obtain loans insured by the Veterans Administration. A DD 214 (The document received upon discharge) is required. There is also a in service VA
loan available to personnel on active duty.