We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

How do I Choose the Best Mortgage Loans?

Lainie Petersen
By
Updated May 17, 2024
Our promise to you
WiseGeek is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At WiseGeek, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

Determining the best mortgage loans for your needs can be a complex process that may require the assistance of a legal or financial professional. There are several different types of mortgage loan products available, so it is always a good idea to thoroughly research types of mortgages as well as their terms and interest rates before choosing a mortgage loan. It is also a good idea to keep in mind that the best mortgage loans for you and your family may be very different than the best loans for people who have different financial or family circumstances. Always read the fine print on any mortgage loan agreement and be sure that you understand all of the fees and responsibilities involved in taking out the loan.

When first investigating mortgage loans, it's important to keep in mind that the best mortgage loans, at least in terms of interest rates and down payment amount, tended to be awarded to those who have strong credit along with a good, consistent, and documentable income. If you are lacking in any of these areas, you may need to choose from less desirable mortgage products, as they may be the only mortgage loans that you will qualify for. As a result, you'll have to work hard to select the best mortgage loans from those products that are available to you. In some cases, it may be in your best interest to delay applying for a mortgage loan until your credit or income has improved.

When evaluating mortgage loans, take into consideration your financial circumstances. If you cannot afford a large down payment, the best mortgage loans for you may be those that require only a small down payment or no down payment at all. On the other hand, low or no down payment loans may require you to pay a higher interest rate or additional fees. In some cases, these loans may also carry with them an adjustable interest rate that can cause your monthly payments to spike unexpectedly. If you do not have cash reserves to help you afford a sudden increase in your mortgage payment, you may want to choose a mortgage loan with fixed interest rates.

Other considerations in choosing the best mortgage loans for you are whether there are any penalties for prepaying your mortgage or whether you are expected to make a large jumbo or balloon payment at some point during the mortgage term. As the language describing these terms can sometimes be confusing, it is always a good idea to ask an experienced real estate attorney to guide you through a mortgage contract before making any final agreements. Other options may include visiting with a government-approved housing counselor who is likewise trained in reviewing mortgage options and can help guide you to an affordable mortgage.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Lainie Petersen
By Lainie Petersen
Lainie Petersen, a talented writer, copywriter, and content creator, brings her diverse skill set to her role as an editor. With a unique educational background, she crafts engaging content and hosts podcasts and radio shows, showcasing her versatility as a media and communication professional. Her ability to understand and connect with audiences makes her a valuable asset to any media organization.
Discussion Comments
Lainie Petersen
Lainie Petersen
Lainie Petersen, a talented writer, copywriter, and content creator, brings her diverse skill set to her role as an...
Learn more
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.