Secondly, ask the lender if there will be any kind of pre-payment penalty on the mortgage loan. Sure, you're not thinking about paying off the loan now. Today you're just thinking about getting approved and then making the monthly mortgage payments. However, there may come a time in the future when you either have an opportunity to pay off the balance of the loan or you wish to re-mortgage. In either of these instances, the existence of a pre-payment penalty on the mortgage loan will become crucial. It's best to find out now rather than later.

While it may sound ridiculous, many homeowners overlook asking the lender what the interest rate on the mortgage loan will be. They are so caught up in the excitement of purchasing the home, and the anxiety of obtaining financing, they simply assume they are getting a good rate and forget to check out the fine print to make sure they really are. Quoted rates and actual rates can sadly, sometimes be two entirely different matters. Don't get stuck with an absurdly high interest rate. Make sure you take the time to verify the interest rate you're going to be paying for the next 15 or 30 years.