There is a myriad of mortgage advice on the net. In order to get the best mortgage, you need to do some homework to understand the terms and be able to make apple to apple comparisons of lender offers. First decide what type of mortgage is best for your situation: How long do you plan to own the property? Do you foresee any changes in your income? How much will you put down? Do you need lower payments now than you will in two or three years? Then review the types of mortgages available: Variable rate; Fixed rate; Adjustable rate; Balloon payment. Use a mortgage calculator to determine: The amount of house you can afford; The monthly payments; The length of the loan you should seek to meet those payments with your down payment and current interest rates. When you know the monthly payment for principal and interest, remember the lender will no doubt add private mortgage insurance (if your down payment is less than 20% of the property value) to your payment and escrow home owner's insurance and property taxes monthly. You will need to approximate these figures for your true monthly payment total.