The first of many mortgage questions should be what type of mortgage is required. If the purpose of the mortgage is to purchase a home, that rules out a reverse mortgage, home equity mortgage, or refinancing mortgage. In that case there are mortgage questions every borrower should be asking: What interest rate will I pay? Is the interest rate fixed or will it change? How long are the terms? What is the cost of fees I will be paying to get the loan? What is the total amount of interest I will pay? How much will the monthly payments be? What is the breakdown of the monthly payment? How much is principal? How much is interest? Is a homeowner's insurance premium included for escrow? Am I paying private mortgage insurance as part of the payment and how much? Is any part of the payment for property tax escrow?