As a prospective home buyer, it’s just as important to research types of mortgages as the neighborhoods you want to live in. Applying for a home loan can be complicated, and deciding which type of mortgage best suits your needs early on will help direct you to the type of home you can afford. There are a number of loans to choose from when you buy a home, so it’s important to fully understand the advantages and disadvantages of each type before you make a decision. Depending on the type of mortgage you choose, you’ll have different requirements that influence your rate, loan terms and your lender. Selecting the right mortgage for your situation can lower your down payment and decrease the overall interest payment over the life of the loan.
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