A buydown mortgage loan is a type of mortgage where the interest rate is temporarily reduced for the first few years of the loan. It typically starts with a reduced rate in the first year, followed by slightly higher rates in the second and third years. After this initial period, the interest rate stabilizes at the regular rate for the remainder of the loan term. This buydown structure allows borrowers to enjoy lower monthly payments at the beginning of the loan, providing some financial flexibility during the initial years of homeownership.

A Home Equity mortgage loan, also known as a home equity line of credit (HELOC), allows homeowners to borrow against the equity they have built in their property. It provides a revolving line of credit that can be accessed as needed, similar to a credit card. The loan amount is based on the difference between the home's market value and the outstanding mortgage balance. Homeowners can use the funds from a Home Equity loan for various purposes, such as home improvements, debt consolidation, or other financial needs. Interest rates on Home Equity loans are often lower than other forms of credit since the loan is secured by the home.

A conventional fixed rate mortgage is a popular type of home loan where the interest rate remains constant throughout the entire loan term. Borrowers make regular monthly payments that include both principal and interest, resulting in predictable and stable payments over time. Conventional fixed rate mortgages typically require a down payment and have various term options, such as 15 or 30 years, allowing borrowers to choose a repayment timeline that suits their financial goals.

Adjustable Rate Mortgages (ARMs) are home loans with interest rates that can fluctuate over time. The initial interest rate is typically lower than that of a fixed rate mortgage, but it can adjust periodically based on market conditions. ARMs have specific adjustment intervals, such as every year or every few years, during which the interest rate can increase or decrease. These mortgages offer flexibility but also involve some level of uncertainty regarding future interest rate changes.