A mortgage is a loan that you take out to purchase your home. Similar to buying a car, the mortgage amount you are able to obtain will depend on the value of the home as well as your own financial situation.

There are several mortgage options for first-time homebuyers or even returning homebuyers that allow you to put less money down. Other mortgage options could require more money down, but you have more flexibility on other things such as your credit profile. When you apply for a mortgage, your lender will typically review your application and discuss the best options available with you. If you are looking to purchase, get started here