Ott, 42, of Wadsworth, Ohio, got a mortgage product that barely existed a few years ago.

Akron elementary teacher Doreen Slinger recently signed final paperwork to buy a home in Akron. She used a split or piggyback loan, which allowed her to avoid paying PMI, or private mortgage insurance, even though she did not have the traditional 20 percent down payment.

Just as in Ott's case, the mortgage product Slinger got is relatively new.

A generation ago, the 20-year mortgage was the only game in town. Now there are dozens of ways to borrow, and homeownership is at an all-time high.

For borrowers, though, it is no longer a simple matter of comparing interest rates. It's a complicated smorgasbord.

"I don't know all these programs, so how does the public understand all these programs?" asked Mary Schoenfeld, vice president of Broadview Mortgage Co. in Montrose, Ohio.

At National City Mortgage Co., vice president and state manager Nick Linamen estimates there are 250 products available. "A lot of the products that we have were developed during the refinance boom" that was a "craze unlike any we've ever been through," Linamen said.

Consumers' credit history, how long they plan to stay in the home, stability of income and other financial goals are all factors to consider in selecting a mortgage. Credit scores still are the most important factor in determining eligibility for a specific loan and the best interest rates.

"Most people are eligible for something," said Patti McClister at Heartland Home Mortgage in Akron. "They may choose to wait ... and be better off if they take the time to clean up their credit history."

Borrowers "need to find someone that they trust and can talk to," advised Cindi Riley, home mortgage consultant for Mortgage One in Green, Ohio. "They need to ask a lot of questions and then let that professional guide them."

Interest-only mortgages, once used largely by the wealthy, are "the hottest product on the market today," Linamen said. Borrowers get lower monthly payments and can buy a higher-priced home than they might otherwise afford.

Interest-only loans may not be good for a first-time buyer, though. Ott, who is in his third home, said he is comfortable with the product and understands its advantages and drawbacks. "Not all programs are for everyone, but for someone in my position," the interest-only loan makes sense, Ott said.

For 48-year-old Slinger, who had no money for a down payment, the mortgage that made the most sense was what is called a split or piggyback loan.