Ask the expert: We've sold our home and will be selecting a mortgage. What kind do you recommend? Certainly there are many factors to consider. * If you can make a down payment of 20 percent, whatever mortgage you choose, you won't have the cost of mortgage insurance added to your monthly payment. Many buyers can't come up with the large down payment, but mortgage insurance is only charged by mortgage companies until equity reaches 20 percent. * Many conventional mortgage lenders ask for 5 percent to 10 percent down. * What is your credit score? To qualify for a conventional mortgage you need a score of 640 or higher. But if your score is lower, you can still quality for an FHA mortgage, a VA mortgage or the USDA loan, which is for people in rural areas. * How long will you stay in the house? If that might be for just a few years, an adjustable rate mortgage might be a good choice. Consider it if you are in the military, your job requires you to move every few years, or if this is just a "starter house" for you. If you plan to live in the home for a lifetime, a 30-year fixed rate, or a 20-year fixed rate, would be better. Or, if you can afford the higher payments on a 15-year fixed rate mortgage, you'll get the best interest rates of all. * The big advantage of an FHA mortgage is its low down payment requirement, just 3.5 percent. They account for 30 percent of all mortgages today. But if you have to move in very soon, beware, it takes a longer time to get one. * Adjustable rate mortgages may have a term of three, five or seven years. Your monthly payments during this time will be significantly lower, but when the term expires, you'll pay significantly more. Or, if conditions are right, you could get a new mortgage from another lender. * The VA loan is for service members or (this is important), for former service members. Additionally, you could get another even if you already have an existing VA mortgage in good standing.