Fixed-rate mortgages offer consistent payments and protection against rising rates, ideal for long-term owners. Adjustable-rate mortgages start with lower rates that adjust after a set period, suited for those selling before adjustments. Conventional loans require 3–5% down with private mortgage insurance if under 20%. Government-backed loans include FHA (low credit/down payment), VA (no down payment for veterans), and USDA (no down payment for rural homes).