Refinancing a mortgage is when a homeowner takes out a new mortgage to pay off an existing mortgage.

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A home equity loan allows a homeowner to borrow money using their property as security.

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Unsecured debt may be an expensive way to finance purchases--because the lender has no collateral, interest rates can be high, in some cases over 25%.

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A second mortgage, by definition, is any loan that creates a second lien on a homeowner's property.

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Adjustable rate mortgages (ARMs), move with prevailing financial market conditions, with interest rates that reset or "adjust" periodically over the life of the loan.

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Home improvement loans can take several forms, each ideally suited to different borrowers' lifestyle and financial plans.

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A new home loan is the first loan the buyer takes out to pay for a new property, not just the mortgage a first-time home buyer takes out.

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Need help understanding the terms and definitions associated with getting a mortgage?

Check out the mortgage glossary.

Current Mortgage Rate 11/26/08

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