To first-time or even repeat buyers it can be daunting to figure out what all your martgage options are. Especially when you're time pressed to make a committment to one after you have drafted a contract to purchase a home. Here is an overview of available mortgage products. I've added common loan terms from mortgage lenders.

-Affordable housing loan: umbrella term used to cover various loan products targeted to first-time homebuyers.

-Assumable loan: existing mortgage loan that can be assumed by another person; most conventional loans are not assumable; government loans are assumable with qualification of the new person.

-Bi-weekly mortgage: one-half of the mortgage payment is paid every two weeks, resulting in one extra full payment toward principal each year.

-Blanket mortgage: mortgage secured by more than one piece of property.

-Blended rate (or wraparound) mortgage: refinancing plan that combines the interest rate on an existing mortgage loan with current interest rate for an additional amount of loan.

-Bridge (or swing): loan used to bridge the gap when someone is purchasing a new home before they have gone to settlement on their previous home.

-Budget mortgage: another name for a loan that included taxes and insurance along with the principal and interest payment (PITI).

-Installment sale (also called a land contract): usually a private agreement between a seller and buyer where title is not conveyed until all payments have been made.

-Carry-back financing: whenever a seller agrees to finance either the first or a second mortgage on the property.

-Chattel mortgage: a pledge of personal property to secure a note.

-Construction loan: short-term loan made during the construction of a house.

-Home equity loan: either a lump sum or a line of credit made against the equity in a home.

-Interest-only: Your monthly payments only cover the interest on your mortgage loan. Your payment does not include any principal payments to create equity. In a market transitioning from a sellers to a buyers market, you might loose money on the sale of your home.

-125% loan: A loan product in which you are actually borrowing 25% more than the present value of the property you are purchasing. If you should have to sell the property in the first few years, you will find yourself