Do you want to buy a home but don’t have enough money for the down payment? Don’t let this be a barrier to getting your dream home.

Instead, learn about different mortgage options if you intend to finance the purchase, as buying a new home is the most significant expense of your life.

Also, not all home loans are created equal, and knowing which type of loan works best for your specific situation is important.

Generally, loans with a longer term will cost more in interest but will have lower monthly payments than those with a shorter term. The exact amount of difference that the length of the loan will make in terms of interest costs and monthly payments will depend on the loan terms and interest rate.

Here are some mortgage loan types you should know.