3 Things Insiders Ask When Getting a Mortgage

1. What is the most important thing a borrower should know when beginning the mortgage process?

Top answer: Know financial goals and priorities. (For example: Do you want to lower your monthly payment? Do you want to shorten your mortgage term and build equity faster? Do you want to get the lowest rate possible?)

2. In your opinion, what should all borrowers ask their prospective lenders?

Top answer: What are the total costs involved with the loan? (For example: processing fees, down payment required, closing costs, administration fees, appraisals, amortization schedules)

3. What is the biggest/most common mistake you've seen borrowers make?

Top answer: Basing decisions on interest rate alone and ignoring the "big picture."

As always in the consumer finance market, arming yourself with as much insider information as possible can make a huge difference in getting a great mortgage, or getting saddled with a lousy mortgage that may haunt you for years, LendingTree says.

"Consumers have very little confidence that they will be able to qualify for a mortgage, let alone find a great deal when it comes to a home loan," says Doug Lebda, chairman and CEO of LendingTree. "But with rates as low as they are, borrowers have the opportunity to tap into substantial savings. If you have the right information, know what do and what to avoid, there's no need to be intimidated or shy away from the process."

Start with the three questions posted above, and you're well on your way to grabbing the best mortgage deal for you.