Ensure that your lender has experience with residential income properties and be sure you clarify how much of a property's income they will consider when determining your eligibility for a loan.

Gain a comfort factor by inquiring about how this lender has dealt with other clients in similar properties.

Whenever possible make personal contact with the decision-maker directly at your lending institution.

Educate yourself on the different types of mortgage products that are available in your area (fixed rate, ARMs, interest-only, etc..)

Shop around for comparative lending rates and make sure that your chosen lender is competitive.

Find out in advance what the penalties will be for an early prepayment of the loan.

Ask for a copy of the terms and conditions and be sure that you read and understand all of them. If you don't understand something ask to have it clarified.

If you are dealing with a mortgage broker, find out what their commissions are in advance and who pays them.

Develop a bond with your lender that can lead to larger future business transactions.

And keep your Prescott income property advisor in the loop, they may be able to save you time and money