People love the idea of owning a home, and sometimes that allure makes people do the wrong thing. That’s where risky mortgages come in. For decades, the 30-year fixed-rate mortgage was the gold standard. You put 20 percent down, you got a 30-year loan, and that was all she wrote. But in recent years the types of mortgages offered have made a mess of the marketplace, as can be seen with the current financial crisis. Now you can get interest-only loans, 40-year loans, adjustable rate mortgages, and so on. all of these new loans make it easier to make payments on a house, but the problem is they usually put you in a worse financial situation. Here’s what you need to know to avoid some of the more risky home loans out there.

Pick the right Mortgage originally appeared on About.com Financial Planning on Sunday, January 22nd, 2012 at 20:02:50.

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Pick The Right Mortgage