Most people assume they'll get a conventional 30-year, fixed-rate loan. With more competition in the marketplace, though, you can choose from an increasing variety of loans, and may find another that better matches your long-term plans and goals.

For example, if you think you may change jobs within three years, you may be better off getting an adjustable-rate mortgage. An adjustable-rate loan has a low interest rate in the early years of the loan, while a fixed-rate loan stays constant at a higher rate. With an adjustable, you'll pay less for short-term ownership of your house.