Beware of low rates and low payment gimmicks - and truly they are bank-scams that cost more over time! The banks focus everyone's attention on the interest rate and payment amounts. They never talk about 'another way of doing it' other than their most profitable way (i.e. a standard mortgage). In other words, even a refinanced mortgage or a mortgage with low-interest rates will ALWAYS PAY MORE for the home due to interest-first payments that barely knock down the amount owed on the principal! When this is inverted to principal-first payments, the loan can be paid off in 5-7 years!