The main rule: Don’t just look at the mortgage interest rate. Take a close look at all the terms of the mortgage program. Check with several lenders, either directly or through a mortgage broker. You also can do some comparison shopping yourself on the World Wide Web. For more, see the section on online mortgages.

Below are 10 key questions to ask the mortgage lender or broker. You can use the information gathered as a basis for comparing loans. In the end, you’ll see which loan adds up to the best deal for your circumstances.

Usually it takes about 45 to 60 days, although it can take as few as 30 days and as long as 90 days for some transactions. The actual time depends on how quickly the lender can get an appraisal of the property, a credit report and verification of employment and bank accounts.

You will need to provide proof of income and assets in order to get a mortgage loan. Different lenders may require more or less of these documents. See section on necessary paperwork.

The qualifying guidelines can relate to your income, employment, assets and liabilities, and credit history. Remember some first-time home buyer programs and government- sponsored loans have easier qualifying guidelines. See section on special and first-time buyer programs.

Tip: It’s a good idea to know what type of mortgage you want, such as fixed or adjustable rate, when you start loan shopping. For more, see the section on types of mortgages.

Depending on the amount of the down payment, you can get different interest rates, loan terms, and avoid private mortgage insurance. Some loans require the standard 20 percent down payment; others are special low down payment programs. For more, see the sections on the down payment and private mortgage insurance.

To effectively compare different lenders’ programs, ask for the annual percentage rate, or APR, of the mortgage interest, which is generally higher than the initial quoted rate because it includes all lenders’ fees. For more information, see the section on what lenders must do.

Points are prepaid mortgage interest, and you may have to pay points at closing in order to get a lower interest rate on your mortgage loan. For more, see section on points.

The interest rate of the mortgage you're applying for may go up or down before you close on the home. That’s why it may be wise to lock in the rate for a specified period of time, rather than let the rate float until the closing. Be sure to ask the lender if there is any fee for locking in the rate and whether you also can lock in points. To keep up with the daily changes in rates, check out bankrate.com’s nationwide survey of mortgage rates.

Mortgages come with a list of fees. Ask for a list of estimated closing costs before applying for the loan. See section on the good faith estimate. Also, remember that some fees must be paid upfront such as the credit report, property appraisal and loan application fee.

Tip: Find out if you can get a refund of the loan application fee if you change your mind. Some lenders may only refund the fee if they turn down your application.

The prepayment question is for all loan shoppers. Find out the duration of any penalty period and how the fee would be calculated. Some penalties are 1 percent of the loan amount: others are more complicated. Knowing how much the prepayment penalty would be is important if you think you will sell the home before the mortgage is paid off, which most homeowners do.

If you provide the lender with complete, accurate information, everything should go smoothly. However, there could be a delay if the lender discovers credit problems, which is why it is critical to get your credit in order. See the bankrate.com special report on credit reports.

Tip: Notify your lender if your personal or financial status changes between the time you submit an application and the time the loan is funded. If you change jobs, get an increase or decrease in salary, incur additional debt or change your marital status, you must let the lender know.

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