Protect your home investment wisely by choosing the right loan to meet your specific needs, so you don't 'bite off more than you can chew'!  Before you begin your search for a home or investment property, you'll need to decide how you will finance your new property. 

While the Internet may be a great place to gain basic information about current rates and trends, it is no replacement for seeking out a 'Trusted Advisor'.  A home loan is generally the largest financial transaction of your entire life.  Working with a local professional who can advise you on correct strategies and programs for your needs is a must. 

And a successful search starts with talking to a financing professional about 'Prequalifying' for your home loan; then going a step further by applying for and getting your Loan 'Preapproved'.  Being 'Preapproved' before you make an Offer will give you an edge above other similar offers from prospective Buyers who haven't yet arranged for financing. Prequalification (and certainly PreApproval) will help you determine how much home you can afford, while continuing to meet the rest of your financial responsibilities.   Some loan programs offer low initial rates for a short term, then the interest rate adjusts to a higher amount, and may continue to adjust annually.  And refinancing may or may not be an option.  

Most importantly, remember that the absolute lowest rate and terms on the wrong financial strategy for your particular needs will prove to be far more costly than a competitive rate package on the right strategy, which correctly fits your financial goals.  

The bottom line:  Know your mortgage options BEFORE you begin to search for  a home. You'll save yourself alot of time, confusion, disappointment, and possibly pre-payment penalties and/or thousands of dollars over the life of your loan.