3. Ask about rates for 30 year loans, and also 15 and 20 years loans. This will be an important element because if you can afford to pay off the mortgage in less than 30 years you can save many thousands on the cost of your house..

4. Find out how much of a down payment will be required. Another important item is to determine whether or not you can put enough money down to avoid paying for mortgage insurance. Oftentimes mortgage insurance is required if the down payment is less than 20% of the sale price.

5. If mortgage insurance will be required find out how much it will add to your monthly payments.

6. If the loan will have an adjustable rate find out what will trigger a rate change and how much of a change this will cause.

7. Find out if you can pay off the loan at any time without penalty. The reason why this is very important is that you might find yourself in a position to pay off your mortgage early and save thousands. You can also have the satisfaction of knowing that you are one of the few with a paid-off mortgage.

Use these 7 tips for obtaining a home mortgage and you will get the best possible terms, and this will probably add up to huge savings over the life of the loan.