September 16, 20265 min readBy Mike Shehan, NMLS #1969275
Key Takeaways
The questions that help you evaluate your options with confidence. Last updated September 16, 2026.
Choosing a mortgage isn't just about picking a loan — it's about understanding how that loan fits your life and your long-term goals. Here are the questions I encourage every borrower to ask before deciding.
Questions About the Loan Itself
Ask your loan officer
- What loan programs am I eligible for, and how do they compare?
- What is the difference between the interest rate and the APR?
- What are the total estimated closing costs?
- Is there mortgage insurance, and under what conditions does it end?
- Can I make extra payments or recast the loan later?
Questions About Your Budget and Goals
Ask yourself (and discuss with Mike)
- What's a comfortable monthly payment for my life — not just what I qualify for?
- How long do I plan to stay in this home?
- Could my income or expenses change in the next few years?
- Am I buying for the long term, or is this a stepping stone?
Questions About the Process
Logistics to clarify
- What documentation will I need to provide?
- How long does pre-approval take?
- What happens between offer acceptance and closing?
- Who do I contact if I have questions during the process?
Why These Questions Matter
The right mortgage for you is the one that fits your full financial picture — not just the one with the most attractive rate on paper. I'd rather you ask every question you have than move forward unsure. That's what education-first means to me.