A house is the best asset and everyone dreams of having and once you have one, it seems like a life satisfaction, but that requires a lot of planning and knowing the capabilities of your financial situation.
Although the rates for home purchase loans will depend on other fees, taxes and insurance, which is mandatory for all buyers and just make sure lenders disclose all information about the charges that are charged so that you are aware of it.
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It does not affect your monthly payment schedule. In reality, taxes and insurance are spread over your monthly payments and your lender accumulates them until the payment is due at the place where the lender pays on your behalf.
Keep in mind that any type of mortgage, be it first or second mortgage, or even home equity on the line of credit, can be refinanced if you, as the borrower, meet the lender's requirements to refinance, as Home equity can be a security that can also help the borrower to default.
Private mortgage insurance on the purchase of a home that is made with less than 20% of the down payment and, generally, the home mortgage can be refinanced at any time during the loan.
When you have a home loan, it is automatic that the home or home you buy will be used as collateral. Keep in mind that the lender will work from the initial purchase price, when refinancing the mortgage, and especially, interest rates drop when the homeowner refinancing the mortgage.