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Carefully read your loan documents
Throughout the loan closing, you'll be expected to sign a large number of loan documents. Before signing each document, carefully read the agreement and make sure that the lender has not altered the numbers or terms. Request to take the documents home overnight, or have an attorney review the paperwork. If the mortgage lender rushes the process, or refuses to let you read the loan agreement – proceed with caution.

Obtain multiple loan quotes
The first offer you receive from a mortgage lender may not be the best. In many instances, you can find a much better deal by simply shopping around and making loan comparisons. To make an educated decision, acquire at least three different loan quotes.

Avoid getting "upside down" in your mortgage
Home values can decline, wherein you can possibly owe more money than the home is worth. Before applying for the loan, study the market. Are home prices starting to stabilize or decline? If so, avoid owing a loan balance that exceeds the value of your property. You can also get upside down by taking out a mortgage where you pay less than the interest accruing. You would be paying less than "interest only". These can be very risky and should only be used in special circumstances.

What to expect from a mortgage broker?
Because mortgage brokers work on commission, some are only interested in the bottom line, their profit. Have a candid discussion with your broker, and let them know that you are looking for the best rates on the loan. If possible, do your homework first, and become familiar with specific loans that may be available to you.

Guard against high fees
Keep fees on a mortgage loan low by comparing quotes from various lenders. What one lender may say is impossible, another may do easily. Once you obtain loan quotes or estimates, read the information thoroughly, and look for any hidden fees or unfavorable terms that equal to paying more for the loan.