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Compare mortgage offers by giving several lenders or brokers the same loan assumptions, then reviewing their written Loan Estimates side by side. Look beyond the advertised interest rate: compare APR, payment, lender fees, points or credits, cash to close, and what the loan may cost over the time you expect to keep it. Before closing, check the Closing Disclosure against the Loan Estimate and ask about changes you do not understand.
How many mortgage lenders should you contact?
The Consumer Financial Protection Bureau (CFPB) advises borrowers to “Contact at least three lenders on your list.” The Bureau uses “lender” broadly in this guidance to include mortgage lenders and brokers; it is consumer advice, not a legal minimum. Ask each provider for the interest rate, APR, estimated fees, and monthly payments for more than one loan option if you are still deciding among them. CFPB: Contact multiple lenders
Provide each company with the same core information and request a written Loan Estimate when eligible. Ask whether it is acting as a direct lender, a broker, or both. A broker can help identify lenders or loan options but does not make the loan directly; ask what fees apply to its role.
Set the same assumptions before comparing offers
Before requesting quotes, write down the loan you want to compare. At minimum, use the same purpose (purchase or refinance), approximate loan amount, down payment, property type, loan program, term, and fixed- or adjustable-rate preference. Eligibility and pricing can change with these details, so offers based on different assumptions are not a fair measure of which provider is offering the better deal.
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- Loan Amortization and Remaining Balances
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If you are unsure which structure suits you, ask each provider for options using the same borrower and property details—for example, a fixed-rate option and an adjustable-rate option—rather than comparing unrelated quotes. The CFPB recommends matching loan type, program, and term when comparing offers. CFPB: Compare loan offers
What to compare on a Loan Estimate
Start with the loan amount, term, interest rate, APR, estimated monthly principal-and-interest payment, and whether the rate is fixed or adjustable. Then review costs and cash needed to close. A Loan Estimate helps organize these figures, but the headline rate alone does not show the full cost or the loan’s features.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
| Compare | What to check |
|---|---|
| Loan structure | Loan amount, term, program, and fixed or adjustable rate; confirm these match across offers. |
| Rate and APR | Interest rate, APR, and any points or lender credits that help explain their relationship. |
| Payment | Estimated principal-and-interest payment and whether it can change. Review taxes, insurance, and mortgage insurance separately where applicable. |
| Lender charges | Origination charges, discount points, lender credits, and any other lender-imposed fees. |
| Other costs and cash to close | Third-party costs, prepaid items, and the total estimated cash due at closing. |
| Adjustable-rate terms | When adjustments can occur, how frequently the rate can change, applicable caps, and how high the payment could rise. |
Use APR as one comparison measure, not as a replacement for reading the rate, payment, fees, and loan terms. If an offer has a noticeably low rate but high upfront charges, ask the provider to explain the trade-off. The CFPB’s comparison guidance covers rate, payment, fees, points, and ongoing loan features. CFPB: Compare loan offers
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Is the interest rate or APR more important?
Neither number answers every question. The interest rate helps determine the loan’s interest charges and payment; APR provides another way to compare costs, incorporating certain charges into an annualized figure. A lower APR or rate should not be evaluated in isolation from the fees, points, payment, loan features, and likely time you will keep the mortgage. Compare the full Loan Estimates using the same assumptions, and ask the lender to explain any apparent mismatch between rate and upfront cost.
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- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
- VERSATILE LOAN CALCULATION OPTIONS: Calculate 80:10:10 or 80:15:5 combo loans at the press of a button; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices
- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
What are mortgage points, and when might they make sense?
Discount points are upfront costs paid at closing in exchange for a lower interest rate. To evaluate them, ask each provider for an offer with no points and another with points, keeping the rest of the assumptions constant. Compare the extra cash required at closing with the expected payment reduction and estimate how long it would take for the savings to outweigh that upfront cost.
There is no universal break-even period: it depends on the actual offer and how long you keep the loan. If you sell or refinance before the savings make up the cost, paying points may not work in your favor. Lender credits work in the other direction: they can reduce upfront costs while accompanying a higher rate. Compare the credit amount and rate against other offers rather than treating the credit as free money.
Rank #4
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
Is a “no closing cost” mortgage really free?
No-cost language describes how costs are handled, not whether they disappear. The CFPB explains that a lender may cover closing costs by charging a higher rate and providing a lender credit, or the costs may be added to the loan amount. A higher rate means more interest over time; financing costs increases the amount borrowed and can raise payments while reducing equity. Compare each structure with an offer where costs are paid upfront, using the same loan assumptions. CFPB: What is a no-closing-cost mortgage?
Why did my rate or fees change before closing?
Compare the Closing Disclosure with the Loan Estimate and ask the lender to identify the specific reason for any changed figure. The CFPB notes that costs can change when important information changes or was missing. A rate lock generally applies only under its stated conditions, and changes to the application or property can be relevant. If the explanation does not resolve a significant change, you can consider asking another lender about an alternative, while accounting for the effect a new loan arrangement could have on closing timing. CFPB: Rate or fees changed on the Closing Disclosure
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- Extra large 12-digit angled display.
- Loan Wizard.
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- Input any three loan variables to compute the fourth.
One timing-related item is prepaid interest: daily interest accrued between closing and the period covered by the first monthly payment. It appears on the Loan Estimate and Closing Disclosure and can vary with the closing date. Distinguish it from lender origination charges when asking why cash to close changed. CFPB: What is prepaid interest?
What comparison shopping can change
On a page published May 15, 2018, the CFPB reported that more than 30% of borrowers in recent studies said they did not comparison-shop and more than 75% said they applied with only one lender. That page also summarized earlier Bureau research estimating that failing to shop cost an average homebuyer approximately $300 per year and many thousands over a loan’s life. These are historical figures reported on the 2018 page, not measurements of borrower behavior or savings in 2026. CFPB: 3 ways to save on your mortgage
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