LOAN VARIABLES - continued

Given all the variations, several thousand different loan programs are available. For example, the maximum loan to value-ratio (affecting how much money the lender will lend you relative to the property value) will vary; whether you can finance 2-4 units or only a single family residence; whether you can have a second mortgage behind it or not; whether you need to document all your income or not; whether you need mortgage insurance or not; and whether you wear blue socks on Mondays -- wait, the latter is not a real condition but sometimes the rules can seem that strange. It's important to look at the whole picture because getting the perfect loan for your situation can save you thousands of dollars over the life of your loan. A good loan broker can walk you through the maze of possibilities once he or she has determined your particular wants and needs. Those needs will narrow the choices to a more manageable few.