When it comes to the real estate process, one of the most common mistakes made by homebuyers is made when looking for a mortgage loan. While it can be a bit too much trying to figure out what mortgage quotes really mean and what the figure provided a mortgage calculator can offer you, it is important that you stay strong and be prudent when looking for the perfect mortgage loan for you. After all, there is no point in finding the right home for sale at a cheap price, if you are paying high mortgage payments. So, sit back and let us describe to you your mortgage loan options and how it will affect you. The most popular type of mortgage loan are fixed-rate mortgage loans. A fixed-rate mortgage loan is a mortgage in which mortgage rates are locked in for the duration of the mortgage loan plan. As a result, the homeowner is able to pay off a monthly sum that is the same. However, since the payment fees are locked in, the homeowner is unable to take advantage of falling mortgage rates but is also protected from increasing mortgage rates. Another popular type of mortgage loans are adjustable-rate mortgage loans. These ARM loans ensure that mortgage payments are tied to current mortgage rates at the time of payment. This is extremely advantageous at times where mortgage rates are declining leading to savings. However, on the flip side, it can lead to higher loan payments in times where mortgage rates increase. One of the biggest determinants of home mortgage loans is your credit record. If you have a bad credit record, you may find it difficult to find a home mortgage lender willing to offer you a home mortgage plan. If the mortgage quotes you are receiving are too high, you may want to consider another type of home mortgage loan. These are low doc mortgages or no doc mortgages. These mortgages allow mortgage borrowers the ability to obtain a loan without having to provide financial statements to the lender. While these mortgages are not fixed and the borrower is able to shift to a more standard type of mortgage, it has the disadvantage of having higher fees. This is due to the higher risk that the home mortgage lender has to face. Additionally, there is a good chance that a low doc mortgage or a no doc mortgage has higher home mortgage rates than other mortgage plans. For the homeowner who is in the process of changing homes, there is the possibility of obtaining a bridging finance loan. This loan allows homeowners to purchase a second home before they have sold their first home. It often requires a high application fee and is designed to be a short term, interest only loan. The biggest drawback to a bridging finance loan is that it adds financial pressure to sell your home quicker.