Below is a list of common Mortgage Terms that it is helpful to understand. For a complete listing of Mortgage Terms, please visit the Mortgage Financial Glossary of Terms.

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Conventional Mortgage: A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac.

Single-family Home:  A  free-standing house on its own lot. It can vary greatly in size, number of rooms, building style, and in many other ways, such as whether it has a garage or a pool. It's the most private kind of dwelling you can own.

A condominium(condo):  A  unit that generally shares a wall or other structural part with an adjoining unit, so it's not as private. In a condo, you only own the space inside your unit, so that's all you pay taxes on. Maintenance and upkeep of the home's exterior and yard are typically performed by a management company. You'll pay homeowners' association (HOA) fees to cover your share of those expenses—and those fees aren't tax deductible.

Planned Unit Developments (PUDs): These generally consist of freestanding houses with a yard. But as with a condo, there are usually rules you must follow that guide the appearance of your house and your yard. You'll also typically pay HOA fees that go toward maintenance, security and other services.
2-4 Unit homes: