Mortgage loans are the only way to home ownership for most American citizens. In my opinion, most borrowers are not fully educated in regard to types of mortgages and how each type might work for or against the borrower. Instead, borrowers seem to focus on locking in the lowest fixed interest rates, which is only a part of the cost of the loan itself. Other factors borrowers must consider are; points, fees, closing costs, pre-payment penalties, current equity, projected equity, taxes, insurance and maintenance.