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Usually, individuals applying for a loan are only interested in obtaining the loan and unfortunately are not worried about the prudence of buying the property at the agreed price.

There are numerous options when it comes to financing.

Simply put, mortgage insurance protects the mortgage company against financial loss if a homewoner stops making mortgage payments.

FHA requires a mortgage insurance premium (MIP) for its home buying programs.

Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out."

In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount.