What Are the Various Types of Mortgages?

What Are the Various Types of Mortgages?
Most people need to take out a mortgage to purchase a home. Shutterstock
Anne Johnson
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Most people need to take out a mortgage to purchase a home. But when shopping for a mortgage, it’s important to know the different types available. Mortgages aren’t one size fits all.

There are five types of mortgages, although some have subsets. It’s important to know which type of mortgage works with your short-term or long-term goals.

Conventional Loans Not Backed by the Federal Government

Conventional loans are the most popular type of mortgage. They break down into two types: conforming loans and nonconforming loans.
Anne Johnson
Anne Johnson
Author
Anne Johnson was a commercial property & casualty insurance agent for nine years. She was also licensed in health and life insurance. Anne went on to own an advertising agency where she worked with businesses. She has been writing about personal finance for 10 years.