Years ago, long before America's most recent economic troubles came to pass, mortgage companies and loan officers were more than willing to work with potential borrowers. Seeing as how the real estate boom has since gone the way of all the earth, mortgage companies are now focusing on safe, sensible home financing. With that in mind — for those who are considering home buying in 2015 — it's important to understand the different types of mortgages that are available for soon-to-be homeowners.

The fixed-interest mortgage is probably the country's most popular loan system. With a fixed-rate home loan, an interest rate remains the same throughout the duration of a loan's life. In addition, the loan payment is divided up into equal monthly payments until the mortgage has fully run its course. However, it's important to keep in mind that, with a fixed-interest mortgage, the interest payments are front-loaded. 

 This means that during the first few years of a loan term, only a small portion of payments are off the system's principal. Generally speaking, fixed-rate home loans run for 10 years, 15 years or 20 years. That being said, the most popular fixed-interest mortgage comes with a 30 year timetable, due to its relatively low payment plan.

Next in line comes the adjustable-rate mortgage (ARM). Unlike the aforementioned mortgage, an adjustable-rate mortgage allows borrowers to work with an interest rate that changes from year to year. ARMS comes in a variety of forms, for the benefit of future homeowners, much like a fixed-interest mortgage. ARMs, more often than not, come with an interest rate period of three, five, seven and even 10 years.  

Furthermore, says BankRate.com of the ARM process, "After the fixed-rate period, the loan is amortized over the balance of the term with a rate that adjust annually." When considering an ARM, keep in mind that the financial jargon used to fully understand the process if often complex. Before proceeding with such a loan, speak with any one of America's many mortgage companies to be sure that the entirety of the loan is understood.

Lastly, the interest-only loan has also solidified itself as one of the country's most popular home loan types. For young professionals working at larger, more successful companies or those who expect to see a sharp increase in income in a handful of years, an interest-only loan allows buyers to pay only the interest on their mortgage for the first few years of a loan. Regardless of employed loan category, a mortgage is a wonderful, quick way to propel oneself into an enjoyable future.