There are various types of mortgages available.  (a) Fixed Rate Mortgages (b) Adjustable Rate Mortgages (ARM)  (c) Federal Housing Administration (FHA) Loans (d) Veteran Affairs (VA) Loans

 In a fixed rate mortgage, your interest rate stays the same over the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan accordingly.

Another kind of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your interest rate and monthly payments are adjusted according to fluctuations of interest rates in the market. Normally the Adjustable Rate Mortgages (ARM) often have lower interest rates. Your amount of monthly installment  can change either up or down. The advantage of an Adjustable Rate Mortgage is that you may  afford a more expensive home because your initial interest rate will be lower.

 Most people have heard of FHA mortgages. FHA loans have liberal qualifying criteria available to most first time home buyers.  FHA loans require smaller down payments. These loans are insured by Federal Housing Administration.

VA Loans are made available  by the Department of Veterans Affairs.  The VA loans are available to veterans of armed services, active-duty personnels  and their spouses to buy a home. VA loans require no  or very little down payment.

Remortgage

If you bought your property some time ago it’s almost certainly worth more than you paid for it.
You can use the equity, or extra cash value, you have in your home to pay for home improvements or pay off your bills, more expensive debts like store cards, credit cards and other loans. This is known as remortgaging and the loan you take out will be repaid in the same way as a traditional mortgage.

To calculate the equity in your home/property:  Figure out the current value of your home and subtract the value of your existing mortgage and any loans secured on your home  This is the maximum equity that you have in your home/property.