5 Most Popular Mortgage Types

This is the granddaddy of them of all, the undisputed champion of mortgage loan programs. It's the go-to for all types of borrowers, risk-averse or not. Because it has a 30-year term and is fixed for the entire duration, it's the easiest mortgage type to wrap one's head around.

Last on our short list of popular mortgage programs is the 7/1 ARM, which although popular, isn't as common as the other ARMs mentioned. The beauty of the 7/1 ARM is that you get a fixed rate for an entire seven years before you have to worry about adjustments, but it may be priced higher for that advantage.

This is the most popular adjustable-rate mortgage out there, which is actually a hybrid. It's fixed for the first five years of the 30-year term, then adjusts annually for the remaining 25.

Although the term is only half as long as the 30-year, it's still fixed, making it a strong choice for those who want to pay their mortage off faster (and with less interest). Just expect a higher monthly mortgage payment!

Similar to the 5/1 ARM, this loan program is fixed for the first three years, and adjustable for the remaining 27. It should price lower to compensate for the shorter fixed period.