There are many types of mortgages; however, two of the main types are; Fixed-rate mortgages – The interest rate is fixed for a certain period. Therefore, the monthly payment will remain fixed throughout the specified period. Typically rates are fixed for 2, 3 or 5 years. Some lenders offer up to 10 years of fixed-rate deals. Variable-rate mortgages – In this type of deal, the rate is variable, so is the monthly payment. The interest rate can change at any time and this will result in a change in monthly payments.