When getting a mortgage, it is important to do your homework and consider some important factors that could mean a big difference in terms of paying back your loan. Your overall costs will mostly be contained in these three mortgage loan factors:

1. Mortgage term: This is how long you are paying your mortgage. The longer the term, the more you pay. You will have lower payments over a longer term, however, which can affect the immediate affordability of a loan. It is best, though, to avoid getting a mortgage loan for more than 30 years.

2. Interest rate: This is how much you pay for the privilege of borrowing the money to buy a home. Your interest rate is annual percentage of the balance of the mortgage loan. The higher the rate, the more you pay overall. You can get a lower mortgage interest rate by having good credit, making a larger down payment and choosing a modest home.

3. Closing costs: These are extra costs that are part of your mortgage loan. These include origination fees, recording fees, appraisal fees, title fees, credit report fees and other costs. Watch out, though! Some mortgage lenders will try to include unnecessary junk fees. Also watch out for property transfer fees, which are starting to creep into agreements.