Compare Like With Like
Use Loan Estimates to review the loan amount, term, rate, monthly payment, and upfront costs. Check whether the rate is locked and whether the figures describe the same type of transaction.
Understand the Tradeoffs
Ask how points, lender credits, mortgage insurance, or an adjustable rate affect the costs you are comparing. A smaller upfront payment does not necessarily mean a lower overall cost.
Connect the Numbers to Your Plans
Tell the mortgage professional what you expect from the home and the financing.
- Which costs can change before closing?
- How would these options compare over the time I expect to keep this loan?
- What is included in the monthly payment, and what would I pay separately?
Further reading: CFPB: Loan Estimate explainer
General educational information, not an offer or individual financial advice. Loan availability and qualification vary.
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