The United States has had an unbelievable housing boom over the last five years. Record low interest rates and new mortgage options have given more people than ever a chance to buy a home. But some lending choices carry higher risk than others. Here is a brief overview of some popular offerings:

Interest-Only Loans

This loan is usually a standard 30-year fixed, but for the first three to ten years, your monthly payments cover only interest. The risk lies when your interest-only term is up, and you have to start paying down principal; your payments will jump accordingly. Most people use this option because they think they will be making more money in the coming years. According to Money magazine, if your income hasn't grown enough to cover the payments, you could lose the home. But if you are fairly sure you are going get a big raise, or other jump in income, this might be a good choice.

Option Adjustable Rate Mortgages (ARMs)

With this loan, you decide where to put your money every month. You can choose to pay toward principal and interest, interest only, or have a preset minimum just like your credit-card. The downside to this option is if you pay minimum payments, the rest is added to the loan balance, and you might end up paying more for your home than its worth. But, this mortgage is a good choice if you need to make smaller payments occasionally-- the keyword here is 'occasionally'.

40-Year Fixed Loans

This type of loan gives you a longer term for payments than the traditional 15 or 30 year fixed. With the 40-year you will pay higher total interest to the lender. Money magazine says this option is good for those who can't afford a shorter loan length, but don't want to take on added risk.

Piggy-Back Loans

Piggy-back's usually mean piling a traditional fixed rate on top of a line of credit that covers the 20 percent down payment. This is risky because you could have zero equity if the price of your house drops. Home buyers use this option when they have money saved, but fall short of the standard 20 percent.

For more information on home mortgages visit www.money.com, or www.bankrate.com.

Eddie Daroza is a personal investor and stock market junkie. Besides contributing content to efinancedirectory, he works on the consumer watch program '7 On Your Side,' broadcast daily on San Francisco's ABC 7. Eddie is also a reporter for PBS's Update News.