Conventional loan -A loan that requires no insurance or guarantee.

FHA loan -A loan insured by the Federal Housing Administration and made by an approved lender in accordance with the FHA's regulations.

Growing-equity mortgage (GEM) -A loan in which the monthly payments increase annually, with the increased amount being used to reduce directly the principal balance outstanding and thus shorten the overall term of the loan.

Home equity loan -A loan (sometimes called a line of credit under which a property owner uses his or her residence as collateral and can then draw funds up to a prearranged amount against the property.

Interim financing -A short-term loan usually made during the construction phase of a building project (in this case referred to as a construction loan.)

Mortgage -A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.

Open-end loan -A mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.

Package loan -A real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings and major appliances.

Shared-appreciation mortgage (SAM) -A mortgage loan in which the lender, in exchange for a loan with a favorable interest rate, participates in the profits (if any) the borrow receives when the property is eventually sold.