When determining how much you can borrow, lenders will consider your income level compared with debt, your employment status and your credit history. Talk to a lender about getting prequalified for a mortgage before you start shopping for your new home.¹ This can make the whole experience go more smoothly.

Although a lower down payment won’t necessarily disqualify you, there is a chance that a monthly private mortgage insurance (PMI) payment will be added if your down payment is less than 20 percent. Your down payment will affect other variables as well, such as your interest rate, terms and monthly payments. Ask your lender for more information about the minimum down payment required for your loan and if you might be eligible for any down payment or cost-saving assistance programs, and decide what’s right for you.

Many housing agencies, nonprofit organizations, and even employers offer down payment assistance programs that could help you with the up-front costs of buying a home. These programs may have income limits, purchase price limits and first-time homebuyer requirements however when combined with a low-down-payment mortgage, these programs can make buying a home more affordable. Many of these programs are listed on the Down Payment Center which allows you to search for approved programs in your area.

Down payment assistance programs are offered by government agencies and nonprofit organizations. They can be combined with most mortgage loan products to help make buying a home more affordable. Most programs have specific eligibility requirements, including income limits, purchase price limits, first-time homebuyer requirements and/or location restrictions.

Ask your lender for a direct interest rate quote, as well as the corresponding annual percentage rate (APR) for the loan. Since the APR accounts for fees and other loan-related charges, it gives you an apples-to-apples comparison among lenders. Don’t be afraid to shop around until you find one you’re comfortable with. Your lender may accept a fee at closing called a “discount point” in exchange for a reduced interest rate.

It’s important to compare these two types of mortgages to find what’s best for your situation. Here are some general differences to consider:

As interest rates can fluctuate, locking in a rate can really pay off. Ask your lender when you can lock a particular rate and for how long. Keep in mind, lenders will usually offer lower interest rates for shorter-term locks and higher interest rates for longer-term locks.

A lot of factors help determine when your exact closing date will be—many of which are completely out of your control. While delays can happen, the best way to avoid them is to stay in touch with your lender and provide the most up-to-date documentation as quickly as you can. Ask your lender for an estimate of when you might expect to close. That way you’ll at least have a rough idea of the timetable you’re working with.