NEW YORK (CNNMoney.com) - Times, they are a-changing...especially in the housing market. With interest rates on the rise, getting a mortgage is a whole new ball game.

Today's 5 Tips Home Edition is here to tell you what you'll need to know if you want to get a loan in this environment.

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The housing market is cooling and that means that houses are staying on the market longer. Buyers now don't have to offer what sellers are asking.

Getting a mortgage is going to be more expensive because interest rates are expected to go higher. Right now the 30 year fixed mortgage is 6.22 percent while last year at this time that number was 5.6 percent.

And more hikes are likely. Greg McBride of Bankrate.com says there will be least one or two more short-term hikes. Plus, it will be harder to get one of those exotic mortgage products, like interest-only or jumbo mortgages because of greater regulatory scrutiny.

Adjustable rate mortgages have enjoyed their day in the sun. But in this loan environment, you should look to a longer time horizon. Today, you're better off going with a traditional 30-year fixed rate. Since the difference in rates between a 30 year fixed and an adjustable rate mortgage is getting smaller, it becomes less attractive to take on the risk associated with ARMs.

McBride says, "You're not getting enough savings upfront to compensate you for the risk of higher rates down the road."

Don't just focus on your monthly payment. When you're shopping around for a mortgage, make sure you compare Annual Percentage Rates instead of just interest rates. APRs measure the true cost of the loan.

If you focus too much on the interest rate, then you are really just looking at the monthly payment. The APR figure includes points and upfront costs of the loan, including underwriting fees and private mortgage insurance. Keep in mind that different lenders may calculate APRs a little differently. So a loan with a lower APR is not always a better rate.

Figure out how long you plan on staying in the home and then compare all the different kinds of products available to you. Make your decision based on closing costs and the interest rates, says Bob Moulton of Americana Mortgage.

Like everything, you'll have to shop around. Compare rates at Bankrate.com and hsh.com. As a first-time homebuyer, if you are part of a credit union, check their rates against other banks. Since credit unions are non-profit organizations, you may be able to get a break on fees.

If you already own a home, check with your current lender and see if you can catch a deal because you're a current customer and you'll save time on gathering all the documents. Make sure you ask if the lender will guarantee all of its own fees and charges (in writing). You want a company that stands behind its own estimates

Today customers have more leverage when it comes to negotiating with lenders. The lending environment has slowed down. In fact, the number of people getting new loans is down about 20 percent. That means lenders are going to be more competitive.

The more you shop around, the stronger your bargaining position is. If you have a few quotes and good faith estimates, you may be able to negotiate many of the upfront fees, like origination and application charges. You will also have more leverage if you have a good credit score.

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Gerri Willis is a personal finance editor for CNN Business News and the host for Open House. E-mail comments to 5tips@cnn.com.