If you do not understand some of the lender disclosures, be sure to ask any questions you have.  Better yet, consult with your attorney, financial advisor, or an expert in the field before making any loan decisions.  Buying a home is a large investment and obtaining the best loan at the best rate and terms is crucial and will save the borrower thousands of dollars over the term of the loan. 

Before you sign the loan, be sure you understand what the interest rate is, what the term of the loan is, are there any prepayment penalties, what will the monthly payment be (interest plus principal, taxes and insurance), will the monthly payment stay the same or change over the term of the loan, is there a balloon payment?

Lastly, if shopping for the best loan, ask each lender to provide, as soon as possible, a written "good faith estimate" that lists all charges and fees you must pay at closing. Although not always required, these estimates make it easier to compare terms from different lenders