When applying for a mortgage, be prepared to answer a lot of questions, from confirming what you make versus what you owe, to your borrowing and repayment history, to your current financial status.  In addition to preparing answers for your mortgage broker, you should also prepare your own list of questions, to make sure you understand all the specifics of the loan you're considering.

Your first question could be to ask for an explanation of what types of mortgages are available, and what the difference is between them.  A good mortgage broker will take the time to explain the differences between an open and a closed mortgage, a fixed and a variable rate, the term of the mortgage, the amortization period, pre-payment options and other specifics of different loan products that would make sense for your particular borrowing needs.

Next, you'll want to compare interest rates on the various mortgages, and ask if you'd be able to lock in a rate for a fixed period of time, and if there's an associated fee.  You'll want to talk about how much down payment you have, and how mortgage loan insurance works.

Make sure you understand all the costs of your loan - including closing costs.  The costs of an appraisal, credit report, inspection reports and taxes are just some of the things to budget for.

Take the first step to a thorough understanding of your mortgage decision, by calling with all you questions, today!