If you are searching for a home to purchase, you are probably already working with a lender or mortgage company to obtain pre-approval for a home loan (if not, you should be).  You will be asking your loan officer many questions; however, some questions are more important than others are.  You should always ask about the annual percentage rate you will pay and whether or not your mortgage payments will include an escrow account for taxes and insurance.  Another important question to ask is whether the mortgage will have a prepayment penalty if you pay the mortgage in full prior to the full term (i.e. 15 or 30 years). 

For more information read, “5 Things Homebuyers Forget to Ask Their Lenders.”