Conventional loans are the most popular because they typically have the lowest interest rates. In order to qualify, you need good credit, stable employment history, and at least 3% for your down payment.

High-value properties and affluent homes are often purchased with jumbo loans. You’ll need to put 10-20% down, show at least 10% of the loan value in cash assets, and qualify with great credit.

There are several government loan programs to help Americans become homeowners, including FHA, USDA, and VA loans. Helpwithmyloan can talk you through all of the different program benefits and requirements.

Mortgages are a prime example of a secured loan – the home that you’re purchasing is used as collateral. If you default on the loan, the bank can repossess your home in foreclosure to recoup their losses.

Private mortgage insurance helps reassure lenders and lower their risk. If you pay less than 20% down, you’ll be charged a small monthly fee for mortgage insurance. After you meet the 20% mark in equity or payments, you’re done!