The best way to evaluate different mortgages is to compare them in writing. Look at all the costs, including loan and origination fees and discount and origination points.
Ask what the Annual Percentage Rate (APR) of the loan is. The APR factors in both the interest rate and fees.
Be sure to ask for a "loan estimate" (LE) in writing from each lender. A loan estimate will outline all the costs and help you compare lenders and mortgage products. A loan estimate is a best approximation of your final costs, not a guarantee. Still, you should not expect a large difference between the LE and the final statement at your closing.
Compare different terms and mortgage products with our mortgage worksheet [PDF 103K].
See an interactive example of the "Loan Estimate" from the CFPB:
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What is a mortgage? Mortgage Selection