A mortgage on which the interest rate, after an initial period, can be changed by the lender. While ARMs in many countries abroad allow rate changes at the lender's discretion ("discretionary ARMs"), in the US most ARMs base rate changes on a pre-selected interest rate index over which the lender has no control. These are "indexed ARMs". There is no discretion associated with rate changes on indexed ARMs.

 Fixed rate mortgage (FRM) : A mortgage on which the interest rate and monthly mortgage payment remain unchanged throughout the term of the mortgage

Cash-Out refi : Refinancing for an amount in excess of the balance on the old loan plus settlement costs. The borrower takes "cash-out" of the transaction. This way of raising cash is usually an alternative to taking out a home equity loan. For a discussion of the relative merits of the two approaches.

Insured mortgages may be used to finance the construction or rehabilitation of detached, semidetached, row, walkup, or elevator-type rental .

Jumbo mortgage : A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, $417,000 in 2008. However, in that year, the agencies were given limited authority to purchase jumbos

Low down Mortgage : programs which require a minimal down payment. Most low-down mortgages require a down payment of between 3\% - 5\% of the property value; however, some lenders have programs for 100\% financing (or 0\% down payment). Low-down mortgages are designed primarily for borrowers with a low to moderate income and first-time home buyers. Other borrowers elect to use low-down mortgages in order to use their down payment elsewhere. Low-down mortgages are offered through several sources, including state and local governments, the Federal Housing Administration, the Veterans Administration and individual lenders.

 VACATION/2nd mortgage : A loan with a second-priority claim against a property in the event that the borrower defaults. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paid. For articles on second mortgages, also known as "home equity loans".

Self-employed borrower : A borrower who must document income using tax returns rather than information provided by an employer. This complicates the process somewhat.

No income loan : A documentation requirement where the applicant's income is not disclosed.

Due to expensive upfront casts and regular related hurdles,smaller businesses do not typically have direct access to the debt and equity markets for financing purposes.Therefore,they must rely on financial institutions to meet their financing needs.Similsr to consumer credit,businesses have a variety of lending products to choose from.A line of credit,term loans and unsecured loans are just a few example.