a first mortgage for 80% of the home's value and then you apply for a second mortgage for the remaining balance minus the down payment which is piggybacked onto the first loan. This saves you money because now you can put more money to work as principal instead of giving it away as a PMI payment.

3- No income Verification Loans
These are popular for people who own businesses or who work strictly for cash. The rate may be 3/8th of a point to 3 points higher but y

Are you paying too much for your loan? Do you want to save money on your mortgage loan? How many times have you been bombarded with these offers?

Getting a mortgage can be an stressful adventure to say the least. If you don't have the initial money to put down, chances are you may lose it to someone who is in a better financial position to grab the house away from you.

If you believe this, then you've fallen for the the first trick that mortgage lenders throw at you. Getting a good rate is not the end all of getting a mortgage. There are so many programs available that you are bound to qualify for one of them.

This is where it gets tricky. Mortgage options are now getting very creative for the homebuyer or those that are seeking to refinance.

Here are some options that you may not have thought about:

1- COFI or COSI loans
COFI (cost of funds index) and COSI (cost of saving index) loans are not well known but have proven to be a better deal over the long run. In fact, Allan Greenspan, America's Ex-Chief Economist, has a loan like this. This type of loan allows you to make different payments each month based on how much you can pay. The interest rate is usually 2-3% below prime with a margin set in. Your payments vary each month from an interest only mortgage to a fifteen, thirty or just a minimum loan payment. This type of mortgage is great for those who need to keep their payments low at the beginning. You can use this loan to also pay down your mortgage and pay it off quicker than a conventional loan. Not many lenders carry it because it is very complicated to set up and the qualifications are high. But if you do qualify, you will never go back to a regular loan again.

2- Piggyback loans
These are for buyers who don't have the required 20% down to avoid paying the dreaded PMI (Private Mortgage Insurance). To avoid this cost, you get a first mortgage for 80% of the home's value and then you apply for a second mortgage for the remaining balance minus the down payment which is piggybacked onto the first loan. This saves you money because now you can put more money to work as principal instead of giving it away as a PMI payment.

3- No income Verification Loans
These are popular for people who own businesses or who work strictly for cash. The rate may be 3/8th of a point to 3 points higher but yo

ou. Getting a good rate is not the end all of getting a mortgage. There are so many programs available that you are bound to qualify for one of them.

This is where it gets tricky. Mortgage options are now getting very creative for the homebuyer or those that are seeking to refinance.

Here are some options that you may not have thought about:

1- COFI or COSI loans
COFI (cost of funds index) and COSI (cost of saving index) loans are not well known but have proven to be a better deal over the long run. In fact, Allan Greenspan, America's Ex-Chief Economist, has a loan like this. This type of loan allows you to make different payments each month based on how much you can pay. The interest rate is usually 2-3% below prime with a margin set in. Your payments vary each month from an interest only mortgage to a fifteen, thirty or just a minimum loan payment. This type of mortgage is great for those who need to keep their payments low at the beginning. You can use this loan to also pay down your mortgage and pay it off quicker than a conventional loan. Not many lenders carry it because it is very complicated to set up and the qualifications are high. But if you do qualify, you will never go back to a regular loan again.

2- Piggyback loans
These are for buyers who don't have the required 20% down to avoid paying the dreaded PMI (Private Mortgage Insurance). To avoid this cost, you get a first mortgage for 80% of the home's value and then you apply for a second mortgage for the remaining balance minus the down payment which is piggybacked onto the first loan. This saves you money because now you can put more money to work as principal instead of giving it away as a PMI payment.

3- No income Verification Loans
These are popular for people who own businesses or who work strictly for cash. The rate may be 3/8th of a point to 3 points higher but y

ave proven to be a better deal over the long run. In fact, Allan Greenspan, America's Ex-Chief Economist, has a loan like this. This type of loan allows you to make different payments each month based on how much you can pay. The interest rate is usually 2-3% below prime with a margin set in. Your payments vary each month from an interest only mortgage to a fifteen, thirty or just a minimum loan payment. This type of mortgage is great for those who need to keep their payments low at the beginning. You can use this loan to also pay down your mortgage and pay it off quicker than a conventional loan. Not many lenders carry it because it is very complicated to set up and the qualifications are high. But if you do qualify, you will never go back to a regular loan again.

2- Piggyback loans
These are for buyers who don't have the required 20% down to avoid paying the dreaded PMI (Private Mortgage Insurance). To avoid this cost, you get a first mortgage for 80% of the home's value and then you apply for a second mortgage for the remaining balance minus the down payment which is piggybacked onto the first loan. This saves you money because now you can put more money to work as principal instead of giving it away as a PMI payment.

3- No income Verification Loans
These are popular for people who own businesses or who work strictly for cash. The rate may be 3/8th of a point to 3 points higher but y

ents low at the beginning. You can use this loan to also pay down your mortgage and pay it off quicker than a conventional loan. Not many lenders carry it because it is very complicated to set up and the qualifications are high. But if you do qualify, you will never go back to a regular loan again.

2- Piggyback loans
These are for buyers who don't have the required 20% down to avoid paying the dreaded PMI (Private Mortgage Insurance). To avoid this cost, you get a first mortgage for 80% of the home's value and then you apply for a second mortgage for the remaining balance minus the down payment which is piggybacked onto the first loan. This saves you money because now you can put more money to work as principal instead of giving it away as a PMI payment.

3- No income Verification Loans
These are popular for people who own businesses or who work strictly for cash. The rate may be 3/8th of a point to 3 points higher but y

a first mortgage for 80% of the home's value and then you apply for a second mortgage for the remaining balance minus the down payment which is piggybacked onto the first loan. This saves you money because now you can put more money to work as principal instead of giving it away as a PMI payment.

3- No income Verification Loans
These are popular for people who own businesses or who work strictly for cash. The rate may be 3/8th of a point to 3 points higher but you retain privacy and flexibility with your payments.

4- FHA Loans
This is the perfect loan for those whose income is low. If you qualify for this loan, you are allowed low down payments (3-5%)and less cash out of pocket is required. You can also wrap your closing costs right in without being penalized. One more benefit of this type of loan is that tax service fees, underwriting fees, copy, and courier fees are not allowed to be charged.

As you can see, getting the best rate is not as important as getting a loan that is right for your situation. No two loans should be the same. So don't settle for that option. Seek out a loan that will not overburden you now and cost too much in the future.

Remember, you have to pay it over a long period of time, so make it work for you now, not against you later.