The Mortgage Professional

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A conventional mortgage is a loan that is not guaranteed or insured by any government agency.  It is typically fixed in its terms and rate. 

An FHA loan is insured by the Federal Housing Administration and protects lenders from financial risk. Lender and borrowers have to meat cretin criteria and requirements.

 A VA Loan is a mortgage loan in the US  guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. 

A Refinance is the replacement of an existing debt obligation with another debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation. In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage.