You can choose from several types of loans when applying for a mortgage, which are:
- Fixed-Rate Mortgages: The best option for keeping your interest rate stable over the life of the loan.
- Adjustable-Rate Mortgages (ARM): These mortgages start with a lower rate that can increase over time.
- Interest-Only Loans: These allow you to pay just the interest initially. While this lowers your monthly payments, it still requires full repayment later.
The best option for you, however, will always depend on your financial goals, budget, and risk tolerance.
