- Mortgage Brokers: Brokers are helpful because they can, most times, shop the market better than you can. There are two distinct types- Upfront Mortgage Brokers (UMB's) and traditional Mortgage Brokers (MB's). The difference is that the UMB's have elected to disclose any pertinent information about fees and loan prices (including points and interest rates) up front and in writing. Conventional brokers tack on a markup and then quote the "retail" prices to the customer. But remember that the price quotes with a UMB will often be higher than a regular broker, though the UMB will probably be more accurate.

• Helpful tip: Keep in mind that rates will fluctuate with the market and can change at any time. What truly matters is the time at which you lock in your rate. Also, with a UMB, fees will be decided on in advance that will not increase once set; with an MB, their fee is oftentimes not included in the original quoted price. Some MB's will "forget" to mention certain fees or charges and then "remember" them later. It is best to always be on your guard, and to be as knowledgeable as possible.

- Figuring escrow accounts: When securing a loan, a lender will require a deposit into an escrow account. This is to cover taxes and insurance payments, which the borrower provides upon closing. In the past, some companies would ask for more than the necessary amount, to act as a sort of cushion, and would keep the interest made off of the account. HUD has now stepped in to put a limit on the "cushion" that companies can ask for, but to make sure- know that the limit is 2 months worth of payments at the account's lowest point during the year.

Helpful tip: Know your yearly taxes and insurance payments. This will decrease the possibilities of the lender making erroneous withdrawals or late payments. As always, information is your best weapon.

• To learn how to get the best interest rates on your loan, click <here>
• For tips on how to get a loan despite not having perfect credit, click <here>