While 5% has been the norm, these days there is more flexibility. Lower down payment programs are making homeownership more affordable for new home buyers. In some cases, you might even be able to purchase a home with zero down.

A guideline mortgage loan approval process can typically take anywhere between 30 and 60 days.

Closing costs include all the fees and charges you will need to pay before you can take ownership of the house. The fees you’ll have to pay typically include origination fees, title insurance fees, prepaid escrows, and more. You pay closing costs at the closing of your home and the amount can vary, but it is usually between 2% and 3% of the home’s selling price.

Mortgage insurance is often required if your down payment is less than 20 percent. This insurance is an added cost which could stretch your monthly budget, so be sure to ask your lender about it. Also ask if they have any loan programs that don’t require mortgage insurance.

This question can only be answered by your own budget and expectations. For instance, if you want a lower monthly payment, then you will want to stretch the loan out over 30 years. But if you want to own your home quicker and you’re not worried about a higher monthly payment, then 15 years will be the better way to go.

When you’re in the process of buying a home, the lender will require you to deposit money into an escrow account. This account is used to guarantee the lender that the ongoing expenses of owning the property, like the insurance and taxes, will be paid for. A lump sum is deposited into the escrow account at closing, and a certain amount will be automatically deposited into it every time you make your monthly mortgage payment.

This answer is different for every buyer, but it is ultimately determined by the lender, based on four factors. These include the loan’s principal, the interest rate, taxes, and insurance premiums.

The amount paid to insurance will depend on whether you are paying PMI or not. If not, then just the homeowner’s insurance will be included in the mortgage amount. As for taxes, each monthly mortgage payment will include one-twelfth of your annual property tax amount.

Payments for an adjustable-rate mortgage regularly change because the interest rate on this type of loan changes when the national rate changes. Fixed-rate loans can also experience fluctuating payment amounts, such as when the amount of money in your escrow account isn’t enough to cover your insurance and tax payments. In this case, the lender will raise your monthly payment to make up the difference.

If you’re a first-time home buyer and you’re having difficulty saving for your down payment, then there are programs available that may be able to help. It always pays to ask for private assistance first, such as from parents or loved ones, but if this isn’t a possibility, then you can try one of the 2,000+ programs nationwide. You will need to meet their income and credit requirements in order to qualify.