Most of the time your mortgage broker can supply you with a much wider variety of competitive mortgage options than a single lender; however it never hurts to check with your banking contacts. The choices of mortgages are as varied as the houses available. What may be perfect for you may not work for your neighbor. In general mortgages come in three basic groups:

• Fixed (30 year or 15 year)
• Adjustable (adjusting monthly or yearly)
• Fixed for a specific time and then becoming adjustable (3, 5, 7, or 10 year fixed and then adjusting is common)