Fixed-Rate Mortgages
A fixed rate loan is a good option for people who want the stability of a payment that won’t change for the length of the loan. With a fixed-rate mortgage, your principal and interest payments remain the same for the duration of the loan, although property taxes and insurance costs may fluctuate.

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Adjustable-Rate Mortgages (ARMs)
ARMs generally offer lower initial interest rates than comparable fixed-rate mortgages, which may increase your purchasing power. ARMs can make sense if you plan to move to another home or refinance in the relatively near future. With an ARM, you take advantage of the lower initial rates and payments at the early part of the loan before you see any increases.

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Government Loans
The Federal Housing Administration (FHA) and the U.S. Department of Veteran's Affairs (VA) offer government-insured loans. These loans have low down payment requirements and more flexible guidelines that make them easier to obtain.