The Different Types of Mortgage Loans - Home Loans 101

One of the most frequent home buying questions I receive is "What type of mortgage loan should I choose?"

I don't dare answer this question with anything resembling a recommendation. It's just too big of a decision for me to make on behalf of another person. But I'm happy to share the way I do respond to such questions.

First...
Ask yourself the following questions and write down your responses. How long do I plan to live in the home? How much can I afford to put down up front? How much can I comfortably afford to pay each month?

Second...
Review the different types of mortgage loans and see which one best matches your responses to the questions above. When reading about types of mortgages, pay careful attention to any sentence that starts with "This mortgage might be a good idea for you if..." Also pay attention to any pros and cons mentioned for each mortgage types.

Third...
Here are some of my favorite articles about the types of mortgage loans, just to get you started.

• Top 9 Mortgages Explained
• Understanding the Different Mortgages
• Choosing Between Fixed-Rate & Variable-Rate
• Interest-Only Home Loans
• Zero-Down Mortgage Loans

And here's another good tutorial off-site at Mortgage-X. I hope that helps. It's the best I can do besides actually recommending a mortgage type.

Happy home buying!

~Brandon