Here are the top 10 questions to ask when shopping for a mortgage: What is the interest rate and annual percentage rate? What fees are involved in getting this mortgage? What is the loan term in years? Will I have to pay points upfront for a lower interest rate? What kind of down payment is required? Is the interest rate fixed or adjustable? What kind of homeowner's insurance is required? Will the lender require private mortgage insurance? What kind of escrow account will be set up for taxes and insurance? What other costs are involved in getting this mortgage?