The best mortgage program for you depends on your personal situation. Your decision depends on your individual needs and various factors.

The best mortgage program for you may not be the one which conventional wisdom dictates is the "best mortgage" for everyone else. Your own financial goals and background are far more important than the cookie cutter logic employed by most "personal finance gurus" in the media.

Factors that will determine your best mortgage program are

1. credit score, income, asset, and job status
2. your monthly budget
3. how long you plan to reside at the property

Depending on your credit score, income, and other factors you may only qualify for certain mortgage programs. If this is the case, you are better off taking one that you know you can qualify for, and then refinancing out of it when your situation has improved.

This is one of the many tasks your professional and trusted mortgage advisor will provide for you, figuring out which programs you qualify for and which ones will be best for your unique individual situations. There are many, many home loan and mortgage programs out there for you to choose from. Everything from interest only loans, Pay Option ARM loans, fixed rate loan, balloon mortgages, and much more. Your current situation however is really going to provide the basis for which program is right for you. If you only plan on living in a home for 3-5 years then an ARM may be best for you. If you are a self-employed person and your income is very unstable and interest only or Pay Option ARM loan may be right for you. Take some time to explain your situation to your mortgage broker and provide him as much information as possible so that you can be fitted with the best program for yourself and your family.

Selecting the best loan program will depend greatly on what your short and long term goals are. Discussing what your financial and housing goals are with your mortgage professional will make the decision process that much easier. Your mortgage professional can analyze your situation and make suggestions and explain the pros and cons to each program offered.

If your credit scores are low you should consider an adjustable rate mortgage. Between the time of your first payment and the adjustment date you should concentrate on improving your credit scores in order to qualify for a lower, fixed rate mortgage. Ask your preferred mortgage professional for a credit repair guide.

When deciding the answer to this question its best to let your mortgage professional know everything your looking to accomplish. At that point they can begin to tailor a loan that will fit your needs. If your needs change you need to let the mortgage professional know so he/she doesn't waste your time.