The wise homebuyer in today's world of real estate begins house hunting with a mortgage approval already in place, or at least in process.  Since viewing homes with an already approved mortgage loan is like shopping with cash, the pre-approved buyer is much preferred by Agents and sellers alike.

Unless you have a friend in the business, or a mortgage professional with whom you have worked before and continue to trust, you will also do some "shopping" for a loan.  Shopping and comparing is a good approach.  Just like any other major purchase, you want a good product at a fair price.  The problem arises in that most people, when it comes to mortgages, are often unaware of what constitutes a "good  product" or a "fair price".  Consequently, they do not know how to properly compare the various offerings before them. 

Reviewing the Questions and Answers below can help smooth the process and avoid some of the most common mistakes. (Click on the questions.)