Are you considering buying a new home or refinancing your present one? With the range of mortgage products available today, many people feel as though they need a crystal ball in order to make the right choice. It certainly would be handy to see into the future, but there are more prudent and more logical ways to navigate your way through the available options.

There are many mortgage types andmdash; pick-a-payment, hybrid adjustable, fixed-rate interest only, reverse, negative amortization, FHA, CHFA, VA, Fannie Mae, Freddie Mac.andnbsp; All these mortgages are referred to as MPs (mortgage products) or MOs (mortgage options).

When you start looking for a mortgage, try to keep an open mind. Be prepared to listen carefully so you can hear about all the mortgage products available to you. What might have been right for your parents, or what might be right for a friend, might not be right for you.

Here are some questions you should ask yourself before you meet with a mortgage professional:

- How long do you plan to stay in the house? You can use a range of years andmdash; for example, 2 to 5 years, 6 to 10 years, 12 to 20 years.

- Are you anticipating large expenditures in the near future? For example, you might need a new car, or you may be saving for a childandrsquo;s college education.

- Is your family getting larger or smaller? Are you planning to have more children, are your children going off to school, or are your children grown and married?

- Is your income remaining steady, increasing, or subject to large variations? Is your spouse working, or is your spouse planning to stop working? Do you anticipate cutbacks in overtime or a slowdown in business?

- Is this your dream house or an interim house? Do you expect to improve it over time?

- Will the monthly payment curtail other activities, such as vacations or hobbies? If so, are you prepared to give those up for a while?

- Will the money from a refinancing improve the propertyandrsquo;s value? Will it improve your cash flow, or will it improve your financial condition in some way?

Your mortgage professional will help you evaluate your answers to these questions, and he or she will help you find the right mortgage product for you. A good mortgage professional is like a good physician andmdash; both probe for information to help guide them toward making a recommendation that will be best for you.

When you are ready to buy or refinance, be sure to get a referral from someone you trust an attorney, accountant, financial planner, or good friend or relative who has gone through the experience. Remember, the more you know, the better off you are. Perhaps then you wonandrsquo;t need that crystal ball!

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