Your home is likely to be one of the most expensive purchases you'll make in your lifetime. Accordingly, you need to look for the best deal on your mortgage, since even a small difference in mortgage points or interest rate can mean big savings over the lifetime of the loan. When getting a mortgage, compare bank mortgages from several banks to get the mortgage that's best for you. Look at the total cost, as a mortgage is not always what it appears to be.

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     Read the terms of the loan. Specifically, you want to look at the type of interest rate you'll be paying. A fixed term rate means that you'll pay the same rate throughout the lifetime of the loan. A variable rate can change over time. Some loans change over time--starting with a fixed rate, but then changing after a few years. An adjustable rate mortgage often starts with a lower interest rate, but it is more risky because you don't know how much it will increase down the road.

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     Compare apples to apples with the Annual Percentage Rate (APR). When getting mortgage rates, some will have "points" along with the interest rate. One point represents 1 percent of the cost of your mortgage and is added to the amount that you owe. A mortgage with a low interest rate may have a higher points rate, making it more expensive in the long run. APR takes all costs into effect, so you are comparing the same thing.

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     Factor in fees. Many lenders charge fees for giving you the mortgage. Add this to the total amount that you must spend.

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     Look for pre-payment penalties. If you hope to pay off your mortgage before the term of the loan, ask the company if there is a penalty for pre-payment. If so, you may want to choose a company that doesn't have this.

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     Add the cost of mortgage insurance. If you're making less than a 20 percent down payment, the bank may require you to purchase mortgage insurance. The insurance requirements vary based on the bank.