Planning to shop for a mortgage on-line? It is a good idea to answer the following questions first, so you know exactly what you are shopping for. 

1.     Do I want an FRM or an ARM?
2a.     Which ARM do I want? Or:
2b.     Which FRM do I want?
4.     Do I want an interest-only option?
5.     Which rate/point combination do I want?
6.     How large a down payment should I make?
7.     Do I waive escrows?
8.     Do I accept a prepayment penalty clause?
9.  How long a lock period do I need, and when should I lock?
10.  What documentation requirements should I seek?

Copyright Jack Guttentag 2006