Your purchase of a home will be among the largest, most important purchases you'll make in your life. There are few things which cost as much; and, few things which will affect your life as much, either. As a first-time home buyer, therefore, it's important to have a feel for how the home buying process works, and what you should expect from your mortgage.

Your mortgage is the loan you will use to buy your home. Mortgages are similar to other loans in that there is some amount borrowed; a rate of interest paid to the lender; and, a pre-determined number of years over which the loan must be repaid. The key part of a mortgage that makes it different from other loan types is that a mortgage loan is specifically used for the purchase of real estate.

Also, mortgages can be customized. There are a bevy of loan programs available for today's home buyers including low- and zero-downpayment loans; loans for buyers of condominiums; and, loans for members of the U.S. military, as examples. With the help of your mortgage lender, you'll build the loan that best fits your needs.