Make the comparison fair
Ask multiple lenders for Loan Estimates using comparable loan types, amounts and terms. Check the rate lock, upfront charges, credits and cash to close. A headline rate alone is an incomplete comparison. Consumer Financial Protection Bureau ↗
Ask five useful questions
Is this rate locked, and until when? What do points cost? Is a lender credit tied to a higher rate? Which costs can I shop for? What could change before closing? Keep each answer beside the dated estimate rather than relying on a call you may not remember.
Compare your actual time horizon
If one offer has a higher upfront cost for a lower payment, ask the lender to show the tradeoff over the time you realistically expect to keep the loan. Refinancing is uncertain. Do not build a plan that only works if future rates fall.
Check again before closing
Review the final Closing Disclosure against the latest Loan Estimate and raise unexplained differences with the lender. Make sure the amount you are asked to bring matches the closing instructions independently verified with your settlement professional. Consumer Financial Protection Bureau ↗
Reviewed September 11, 2026. Education only; your circumstances and written agreements matter.
Consumer Financial Protection Bureau · Loan Estimate Explainer ↗Consumer Financial Protection Bureau · Closing Disclosure Explainer ↗