A recent survey by Zillow.com found that U.S. adults spend about 40 hours shopping for a home, 15 for major home improvements, 10 for a car, 8 for a mortgage or home loan, 7 for a vacation, five for a computer, and about four for a television.

What’s wrong with that picture?

Let’s take a look:

The purchase that ranked top in shopping time and price is a home.  Which makes sense – being the largest purchase of most people’s lives (by a lot), it makes sense to spend the most time investigating that purchase.  Yet a mortgage or home loan is often as large a “purchase” as the home itself – you’re putting your money into a mortgage much as you are in the home.  Yet while a mortgage or home loan tied for first with a home purchase, it ranked fourth in shopping time.

According to the survey, people spend more time sopping for major home improvements and a car than shopping for a mortgage – and spend nearly as much time shopping for a vacation, computer, or TV than a home loan.

But the subprime mortgage mess – which, as we know, has come to affect people with prime mortgages as well – should teach us that we need to be as careful about choosing the right mortgage as we are about choosing the right home. 

So here are four tips for choosing the right mortgage.  To learn more, download the free report, 10 Home Finance Mistakes You Can’t Afford.

Tip #1:  Decide how much you can comfortably afford to pay each month

During the housing boom, a lot of homebuyers got themselves in trouble by taking out mortgages with monthly payments that were more than they could comfortably afford.  Some took out mortgages with low initial interest rates that are now resetting to much higher rates – dramatically increasing their monthly payments.

When thinking about your different mortgage options, make sure that you’ll feel comfortable with the monthly payment in any scenario (that means if you take out an adjustable-rate mortgage, you’ll be able to make the monthly payment even if the mortgage adjusts to the highest rate).  Many homeowners have learned the hard way that they couldn’t count on being able to refinance into better mortgages before their loans reset.

Your mortgage lender will be able to help you determine how mortgage loan amounts translate into monthly payments.  You can also use Bankrate’s online mortgage payment calculator, available at www.bankrate.com.

Tip #2: Get the best mortgage given your unique situation

To decide which mortgage will be best for you, follow these 5 steps:

1. Educate yourself on the differences between fixed rate mortgages and variable rate mortgages. 
2. Ask yourself: How long am I planning on owning this home?  If you plan on being there for the long haul, a fixed rate mortgage may be your best bet.
3. Understand how current interest rates compare to historical rates.  If interest rates are low compared to historical standards, now may be the time to lock in a fixed rate, unless you’re sure that you’ll be moving in the next few years.
4. Think about your risk tolerance.  Fixed rate loans are the least risky.
5. Analyze your budget as well as the difference between current fixed rate interest rates and variable rate interest rates.  If the difference is small, the added risk may not be worth the savings.

Tip #3: Get a mortgage pre-approval before you start house hunting

You’ll get a better mortgage – and a better deal on your house – if you get a pre-approval from a lender before you start house hunting.

A pre-approval is a binding statement from a lender of the amount of money you qualify for.  (In contrast, a pre-qualification is a non-binding estimate of how much you would qualify for.)  Pre-approvals are typically good for 90 days, and you usually have to pay a fee to get one.  Of course, pre-approvals are contingent upon your financial situation (and the value of the house) staying the same.

One benefit of getting pre-approved is that it will allow you to confidently negotiate better loan terms with different lenders, because you can say “I’ve been pre-approved with Bank Y, and they’re offering X, but I’d like to do business with you if you can give me a better deal.”

Tip #4: Get help

Buying a house is a big decision.  And choosing the right mortgage can save you thousands of dollars, many sleepless nights, even your home.  So why do it by yourself?  A trustworthy mortgage lender can help guide you through the mortgage process.