The interest rate remains the same for the term of the mortgage for the original borrower.

The interest rate adjust on a predetermined date or periodically according to an index and margin.  An example is a 5/1 year ARM that holds the interest reat five years after the loan closing and adjusts annually thereafter.  Typically there are caps on how much the future rate will adjust over the life of the loan.

A loan against the equity on a property - typically a primary residence or second home.  The rate is fixed for a period of time as well as the monthly payments (fully amortizing).

An open line of credit against the equity in a property to be used by the homeowner as needed.  The rate can change from month to month depending on the index on which the loan is based.

Allows for the construction and permanent financing of a home.  The builder receives payments during construction and the loan modifies to a permanent loan when the construction is completed.

A loan in an amount greater than the limits set by Fannie Mae and Freddie Mac.

FHA loans are insured loans made by private lenders.  These loans are FULLY insured by the Federal Housing Administration and available to all qualified home purchasers.  FHA loans allow 97% financing, down payment assistance, lower credit scores and co-signers on non-conforming loans.

Loans for Non-Resident Aliens purchasing property in Florida as a primary residence or vacation/second home.

A loan where the borrower makes interest only payments for a predetermined period.

A loan secured by a piece of vacant land, usually not to exceed 10 acres.

Loan allowing little or no down payment for borrowers with incomes 80-100% of the area medium income.  Usually borrower(s) cannot own a home within the last three years prior to the mortgage application.

For purchasers of second homes.  Typically the property cannot be used for rental purposes.