Unless you're a first time home buyer with a hefty wad of cash, you're going to have to deal with the financing question before you can purchase your home. And with so many different types of mortgage loans available, it takes a little knowledge and investigation to determine which type is right for you. Below is a list of some of the most common types of mortgages and how they operate. Since the descriptions don't contain every minute detail, be sure to check with a qualified mortgage broker before making a decision as to which is the best type of mortgage for you.