Obtaining a mortgage is among the most important financial decisions you will ever make. You’ll likely be making mortgage payments for years to come, so it’s important to study all of your options among the various mortgage services that are available—especially if you’re considering a discount mortgage.

Let’s start with a general overview of the most common mortgage types. In the broadest sense, consumers in the U.S. can choose between two types: government and conventional loans. Most mortgage services companies offer both types, but some discount mortgage companies specialize in low-cost mortgages.

As their name implies, government loans are overseen by the Federal Housing Administration (FHA)— although they can be secured from any FHA-approved lender, including many online mortgage companies. FHA loans are intended primarily for first-time homebuyers.

Generally speaking, it’s easier to qualify for FHA loans than for conventional loans. Also, FHA loans have lower down payment requirements—which can make them a good option for buyers who are seeking a low-cost mortgage. The catch is that buyers must meet several stringent requirements to qualify for an FHA loan.

Like FHA loans, VA loans are also administered by the U.S. government. They offer the same benefits as the other federal mortgage services, but with the added requirement that the applicant also be a veteran of the U.S. armed forces. Also, most lenders generally limit the maximum VA loan to $203,000. Because of their lower demand and more specialized nature, fewer lenders offer VA loans.

If you’re not a veteran or a first-time homebuyer, you may not qualify for a government loan. This is where conventional loans (or “conventional mortgage services”) enter the picture.

Unlike government loans, conventional mortgages are not limited by federal government requirements. There are all different types of conventional mortgage services— such as  online mortgage solutions.

Conventional mortgages offer consumers a much broader array of mortgage services from which to choose—including discount mortgage and low-cost mortgage options—but they also require that consumers be more careful about selecting the right mortgage for their needs.

Here’s an overview of the most common types of conventional mortgages, with a brief description of the advantages each offers.

Fixed rate mortgages are written at a fixed interest rate for the life of the mortgage, which helps your payments remain steady for the period of the loan. Fixed-rate mortgage services are available for periods ranging from 10 to 40 years. Generally speaking, the shorter the term of a loan, the lower the interest rate you could get.

Balloon loans are short-term fixed rate loans that have fixed monthly payments, with a lump-sum payment at the end of the term. The advantage of balloon loans is that they generally offer lower interest rates than 30- and 15-year fixed rate mortgages. The downside, of course, is that at the end of the term you must come up with a lump sum to pay off the remainder of the loan.

Adjustable rate mortgages (ARMs) are mortgages whose interest rate fluctuates over the life of the loan. Some ARMs have an interest rate cap to prevent enormous increases in monthly payments—but not all ARMs do. The advantage to ARMs is that they typically offer lower interest rates in the early years of the loan, which can make them attractive to buyers who are seeking a low-cost mortgage. The disadvantage, of course, is that interest rates—and the monthly payment—can rise without warning.

There are a variety of conventional mortgage services available for buyers today. Which type is right for you depends mostly on how long you plan on staying in the house, and how large a monthly payment you can comfortably afford. Ask your mortgage services company for help in determining which loan may be best for you.

Thanks to the boom in online mortgage services, it’s easier than ever to shop for a low-cost mortgage and discount mortgage loans. But before you shop, take the time to complete the following three steps. Doing so could help you avoid delays in your online mortgage application, and save money down the road.

Step 1: Review your credit reports. Before you begin shopping for a discount mortgage, order your credit report from all of the major reporting agencies—and check each report thoroughly for errors. This is important, because it’s estimated that up to half of all credit reports contain errors that could adversely affect your credit score. If serious, such an inaccuracy could cost you thousands of dollars in extra interest, or even cause your loan to be denied.

Step 2: Track interest rates. When you’re shopping for mortgage services, it’s critical to keep an eye on the market’s interest rate movements. Mortgage rates fluctuate frequently—oftentimes daily. Make it a part of your daily routine to check the mortgage rates online or in your local paper. Or, find an online mortgage company with which you’d like to do business and watch their rates.

Interest rates are affected by many factors, and it’s impossible to accurately predict their behavior over the short term. But watching their behavior over the course of a month or so can provide clues to the future direction of interest rates—and give you a better chance of obtaining a lower rate.

Step 3: Choose your mortgage. It may seem counter-intuitive, but you should choose which kind of mortgage you want before you begin shopping for online mortgage services or discount mortgage companies. A mortgage is a major purchase, so it is important to know that you’re choosing the loan that best suits your needs. If you’re not sure what kind of mortgage is best for you, you might want to look over parts 1 and 2 of this article.

Shopping for online mortgage services—and finding a discount mortgage—isn’t rocket science. If you arm yourself with a little information beforehand, you’re more likely to make a good choice that you’ll be happy with for years to come.