Before buyers can even think to acquire a new home, it is critical that they familiarize themselves with the types of mortgage loans on the market. Though these loans are sensible options, buyers will need to know their choices so they can choose the one that best fits their financial situation. As far as loans are concerned, one of three choices can be made. Fixed rate Interest Loan Throughout the duration of the loan, interest rates never change. Additionally, monthly payments are divided into equal portions. Fixed rate loans can range anywhere from 10 to 30 years. However, the most common is the 30-year loan. Some financial institutions will allow people to have loans that extend past a 30-year period though this is usually uncommon.