A mortgage is a loan secured by your home. The amount of your mortgage is typically the purchase price of the home, minus your down payment. There are two types of mortgages, Adjustable Rate Mortgages (ARM) and Fixed-Rate mortgages. When searching for a mortgage, its important to understand the details of the payment terms. You will want to pay close attention to the interest rate, the length of the loan, the initial fees and how property insurance and real-estate taxes are paid. Mortgages are competitive, so shop around online to find the best rate.