When your grand-parents and parents purchased their homes they were probably only offered one choice, a fixed rate mortgage loan. But, today many banks are now offering a wide variety of options for obtaining a mortgage. And, each customized loan has it’s advantages and disadvantages.

Some of these custom home loans are specifically for those people that are unable to come up with a large down payment. There are also loans that provide consumers with lower monthly payments. And, you can find sub-prime interest rate loans and interest only plans.

If the lender asks a lot of questions about your financial situation, they should be able to customize a loan specifically for your needs. But, unless you talk to your lender, you’ll never know what options they might offer you in purchasing a new home.

Don’t be afraid to discuss your particular needs in a home loan with your lender. Always be honest about your financial situation and talk about your goals in repaying the mortgage. While the better your credit is the better chance you have in getting a tailor made bank loan, some lenders will work with you even if you have bad credit.