Another thing you should consider before choosing what mortgage to get is how much cash you have up-front for your down payment. If you can afford to make a large down payment, this will lower your monthly payment. However, a higher monthly payment means that the term of the loan will be considerably shorter. Remember that you also have fees and other closing costs to pay besides your down payment. But don’t worry if you don’t have enough cash immediately; you can lower your monthly payment by getting an adjustable rate mortgage.

Besides choosing a loan type, you also need to consider which lender to get your loan from since each has their own terms and conditions. When choosing a lender, make sure that you are comfortable with that person. It will be easier to take his or her advice about your mortgage type once you have established trust.

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