Waiting for Lumen
Directional: Outdoor lights or lights from extreme or near-infinite distances
Point light: Light bulb style that emit on all directions from a single point
Spot light : From a single point but limited by a set of cones
Sky light: Capture background of scene and apply it as light
Rect: Emit light from a rectecgular plane
The mobility setting changes how the engine handles lighting and shadowing.
Lights that cannot change or move in any way at runtime.
Lighting and shadows precalculated.
Memory for lightmaps.
Lights that can change some parameters but can not move.
Bakes light and shadows for static objects also cast dynamic shadows for moveables (only four overlapping)
Completly dynamic light and shadows that can change any proptery they have at runtime.
Lighting and shadows calculated almost every frame
Dynamic Lighting vs Baked Lighting (UE4) - Which Should You Use?