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If you see advertisements for lenders offering extremely low rates, don't be misled.

Most of the time these very low rates refer to the starting rate on an adjustable rate mortgage or graduated payment mortgage.

In other cases, the rate advertised may be for a balloon loan.

This is a loan where the remaining balance will have to be paid off early. In this type of loan your payments are based on a 30-year term to make them affordable.

The remaining balance of the loan however, must be paid off at the end of the 5th year.

This means that you will probably have to refinance the loan or sell the house at the end of 5 years to satisfy the debt.

Locking in your rate at the time of application or during the processing of your loan will keep the rate and/or points from changing until settlement or closing.

Ask if there is a fee to lock-in the rate and whether the fee reduces the amount you have to pay for points.

Find out how long the lock-in is good, what happens if it expires and whether the lock-in fee is refundable if your application is rejected.

Finding business financing that you can operate with for the next 30 years is a serious business.

Ask about alternative kinds of business loans in your area.

Compare rates, down payments, and closing costs among different types of lenders.