When you compare mortgage rates to find the lowest interest rate you can save thousands on your loan. It is always good to ask some of the following questions when you are shopping for a mortgage. What kind of a mortgage is this (fixed Rate Mortgage or adjustable)? How much will this mortgage cost me? Is it a no cost loan or will there be loan points and closing costs? Is there a prepayment penalty? These are all very important things to consider when you are comparing mortgage rates and different loan programs.