So, you've made the decision that now's the time to begin your journey to find the next place to call home. Whether you're a first time buyer or have bought a time or 2, mortgage plans and programs change frequently so research is still needed to  find the best situation for you and your family. Even within the industry, lenders offer their own internal programs so be sure to interview 2-3 different companies before applying so you can really compare what they all have to offer.

There are several types of mortgages available, each with its own unique features and benefits. Here's a comparison of the most common types:

1. Fixed-rate mortgage: This type of mortgage has a set interest rate for the entire loan term, which can be 15, 20, or 30 years. It's a good choice for people who want predictable monthly payments and don't plan on moving or refinancing in the near future.
2. Adjustable-rate mortgage (ARM): With an ARM, the interest rate can change periodically over the life of the loan. The initial rate is usually lower than a fixed-rate mortgage, but it can go up or down depending on market conditions. This type of mortgage is good for people who plan on moving or refinancing before the rate adjusts.
3. Jumbo mortgage: This type of mortgage is for loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo mortgages typically have higher interest rates and stricter qualification requirements, but they can be a good option for people who need to finance a larger loan amount.
4. FHA loan: Insured by the Federal Housing Administration, FHA loans have more lenient credit and income requirements than conventional mortgages. They also allow for lower down payments, making them a popular choice for first-time homebuyers.
5. VA loan: Offered to eligible veterans, active-duty service members, and their families, VA loans are backed by the Department of Veterans Affairs. They offer benefits like no down payment and no private mortgage insurance requirement, making them a great choice for those who qualify.
6. Interest-only mortgage: With an interest-only mortgage, you only pay the interest on the loan for a set period, usually 5 to 10 years. After that, the monthly payments increase to include both principal and interest. This type of mortgage can be helpful for people who expect their income to increase in the future.
7. Balloon mortgage: A balloon mortgage has a shorter term, typically 5 to 7 years, with lower monthly payments. At the end of the term, you'll need to pay off the remaining balance in a lump sum, which can be a good choice for people who plan on selling or refinancing before the balloon payment is due.

Remember, the best type of mortgage for you will depend on your financial situation, goals, and preferences. Your real estate sales associate has a vast network of lenders she works with so be sure to ask for her recommendations.

Best wishes on embarking on this is an exciting first step and hope this information is helpful.