A reputable home mortgage service will explain both the benefits and the downfalls to a particular mortgage option. They will explain how various types of "no down payment" and "interest only" mortgages can affect the long term cost of the house and monthly payments.

The mortgage company should provide both written and verbal information on the difference between adjustable rate mortgages (ARMs), fixed rate mortgage and balloon mortgages and how each will play out over the time that you take out the mortgage.

Online mortgage services are becoming more common and practical to use. If you have a good grasp of the various financing options or have purchased properties before an online service may be a great option. For first time mortgage purchasers the online option may not address all questions and concerns, you may wish to work directly with an agent.