Different homeowners have different needs but the large and ever-changing number of home loan types can intimidate even the most seasoned homeowner.

If you already own a home and have a mortgage, you could save hundreds of dollars in interest payments by refinancing, or make the home improvements you've always dreamed of by taking out a home equity line of credit, or live your lives stress-free by consolidating debt with a fixed second mortgage.

The process of applying for a mortgage loan is usually the same, regardless of the type of buyer or the type of mortgage. What does differ, ultimately, is where you get the loan from. A lot of factors go into a bank's decision to extend a home loan to you, including a homeowner's credit history, their ability to pay back the home loan in a timely fashion, as well as the value of the home as compared to the amount borrowed against it (this difference is called "equity"). People with credit issues such as low scores, late payments, previous bankruptcy, or folks with income that is seasonal or difficult to document may find it more difficult to secure financing; however, this should not discourage anyone from pursuing the dream of home ownership and its many benefits.

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