compare home loan rates with confidence

What affects your offer

When you set out to compare home loan rates, it helps to know what drives them. Lenders price risk differently based on credit score, debt-to-income, down payment, and property type. Term length, points, and whether the rate is fixed or adjustable also matter, as does the all-in APR.

Make apples-to-apples comparisons

Two quotes can look similar but cost very different over time. For a fair side-by-side, ask each lender to price the same scenario: loan amount, loan-to-value, term, and lock period. Compare the APR, itemized fees, and any prepayment penalties, not just the shiny headline rate.

• Match term and type (fixed or ARM).
• Weigh APR and five-year total cost.
• Verify points, origination, credits, and escrows.
• Confirm lock length and float-down options.
• Request a written Loan Estimate.

Timing counts, too. Rate locks move with the market, and discount points only pay off if you keep the loan long enough. A slightly higher rate with minimal fees may win if you plan to sell or refinance soon. Shop within a 45-day window to limit credit impact.