Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "3/1 loan" has a fixed monthly payment and interest for the first three years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 27 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Home Equity Line of Credit (HELOC)
A home equity line of credit is a form of revolving credit in which your home serves as collateral.  Your credit limit is based on a percentage of the home's value (less any existing mortgage balance).  Many homeowners use HELOCs to pay for major items such as education, home improvements, or medical bills.