Few key decisions will narrow down your mortgage loan options. Will you qualify for a conventional mortgage, or can you take advantage of perks provided by government-insured (FHA or VA) mortgages? Would you prefer a fixed-rate mortgage, which keeps your payments steady through the life of the loan? Or do you want your rate—and payments—to float with an adjustable-rate mortgage (ARM)? Will the amount you borrow qualify as a higher-rate “jumbo” loan, which exceeds the amount that mortgage guarantors will support?
