Here are 10 questions to ask your lender when looking for a mortgage.

1. What are the types of mortgages you offer? Which ones are the most commonly used at this time?

2. Which mortgage plan fits my current situation? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance (PMI)? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue PMI when you’ve acquired a certain amount of equity - typically 20% of the loan amount - by paying down the loan.)

5. Who will hold the loan — your bank or another company?  Will you sell the load immediately after I make the purchase?

6. What are your escrow requirements?

7. How long will this loan be in a lock-in period (in other words, the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if it drops during this period?

8. What is the length of time of the load approval process?

9. How long will it take to close the loan?

10. Are there any prepayment penalties (paying the load off early)?