When choosing a bank, it’s important to look not only at how they handle their everyday customer accounts such as checking and savings, but also investigate their options and terms for home loans. After all, the biggest and best investment you’ll ever make is the purchase of your home.

Some of the most affordable options for first-time homebuyers are the basic FHA insured home loans. This government program can help individuals buy a single family home, but the money doesn’t come directly from the Department of Housing and Urban Development, it is made through approved lenders like Aurora loans. The Federal Housing Administration (FHA) approves certain lenders to make home loans through their FHA-insurance programs.

When applying for the FHA insured home loan, individuals must meet certain credit and income requirements. If you are looking for this type of loan, you can seek one directly through an institution such as Aurora loans or any other FHA-approved lender.

Be sure to shop the different mortgage rates and terms available from different banking institutions. Ask yourself the following questions: Do you need a loan with lower interest over a longer period of time or one with higher interest over a shorter period of time? Do you have 10% or more to put down as a down payment? Do you want to be able to refinance without a penalty?

Last but not least, when choosing a bank for your mortgage needs, choose an institution that is a member of the Federal Home Loan Bank System as well as being an Equal Housing Lender.