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Start with comparable Loan Estimates
Ask each lender to quote the same loan amount, loan type and program, term, down payment, and fixed- or adjustable-rate structure. Otherwise, a lower payment or rate may simply reflect a different loan. The Consumer Financial Protection Bureau (CFPB) recommends aiming to compare at least three offers from different lenders; its mortgage-shopping guidance explains how Loan Estimates support that comparison.
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Rates can change daily. Note when each Loan Estimate was issued and whether its rate is locked, so you are not treating quotes from different market moments as directly equivalent. A Loan Estimate is a standardized snapshot of the offer, not a guarantee that every cost or term will remain unchanged; check the specific disclosures and conditions.
Compare the rate, APR and actual costs
The interest rate is the cost of borrowing expressed as a rate, but it does not include fees. APR combines the interest rate with certain charges, such as points and broker fees, and can help compare offers with similar structures. The CFPB’s rate and APR explanation, last reviewed August 28, 2026, cautions that APR alone is not enough: for an ARM, it does not show the maximum rate the loan can reach.
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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
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Read the Loan Estimate rather than relying on a headline rate or APR. Compare the interest rate, monthly principal-and-interest payment, total monthly payment, mortgage insurance if applicable, total loan costs, lender credits, cash to close, and the five-year cost comparison. The CFPB’s guide to comparing and negotiating offers highlights lender-controlled costs as especially useful for comparing lenders.
Separate lender-controlled charges from other costs
Look closely at origination charges, services the lender selects, and lender credits. Other figures—including taxes, homeowners insurance, prepaids and escrow amounts—can vary for reasons that are not controlled by the lender. If those items differ between estimates, ask each lender to explain the assumptions rather than attributing every difference to its pricing.
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Decide whether points are worth paying
A point is an upfront charge paid to the lender in exchange for a lower interest rate. Ask for estimates with and without points when that choice is available. Compare the extra upfront cost with the payment savings over the period you realistically expect to keep the mortgage; the useful break-even calculation depends on your actual offers and how long you keep the loan, not a universal rule. The CFPB Loan Estimate explainer describes points and the estimate’s cost fields.
Use the five-year figure as a comparison, not a forecast
The Loan Estimate’s five-year borrowing-cost figure subtracts the principal repaid during that period from the total paid. It can help compare otherwise similar offers, but it does not predict your lifetime cost. For an ARM, the CFPB says this calculation assumes rates do not change; if rates rise, actual borrowing costs may be higher than the estimate suggests.
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- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
- Date math function
Check ARM reset terms and payment risk
An adjustable-rate mortgage may begin with an initial period at a set rate, after which the rate adjusts according to the loan’s terms and an index. Before comparing an ARM with another offer—or with a fixed-rate loan—find out how long the initial rate lasts, when the first adjustment occurs, how often later adjustments can happen, and what limits apply. Two ARMs with the same starting rate can carry different risks.
The CFPB’s ARM rate-cap guidance, last reviewed January 14, 2025, describes three caps to check:
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- Initial adjustment cap: Limits how much the rate can change at the first reset.
- Subsequent adjustment cap: Limits the change at later adjustment dates.
- Lifetime adjustment cap: Limits the total rate change over the life of the loan. A rate floor may also affect how far the rate can fall.
Ask the lender to calculate the highest possible payment under the loan’s terms, and review the Loan Estimate and required disclosures for the specific caps and reset schedule. The initial payment is not enough to judge whether you could manage the loan after a reset.
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Once you have comparable estimates, ask whether the lender can reduce fees, lower the rate, or change the points. Then compare the revised Loan Estimate with the original and with competing offers. A lower rate can come with more points, and a reduced fee can be offset by a different charge, so judge the full written offer rather than one improved line item. The CFPB’s offer-comparison guidance covers negotiation and checking revised costs.
Best Value
- 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, long-life battery, 1-year warranty
Confirm whether the rate is locked, when the lock expires, what conditions apply, and whether an extension would cost extra. A lock protects the rate only within its stated timeframe and conditions. Ask whether the lender expects to close before expiration. Changing lenders late in the process can restart parts of the loan process and affect closing timing; the CFPB’s mortgage-shopping answers, last reviewed September 11, 2024, also point to the lender’s ability to answer questions and meet the closing timeframe as relevant considerations.
Make the choice against your own priorities
Before choosing, put the offers side by side and make sure you can explain the differences that matter to you. Consider the cost now, the payment you can manage, how long you expect to keep the loan, the risk of future ARM adjustments, and whether the lender can meet your closing schedule. If an item is unclear, ask for an explanation or a revised written estimate before committing.
Quick Recap
- Confirm each offer uses the same loan amount, type, term, down payment and rate structure.
- Compare interest rate, APR, points, lender credits and lender-controlled charges together.
- Review the estimated monthly payment, cash to close and five-year comparison, including its assumptions.
- For an ARM, understand the first reset, later adjustment frequency, all caps and highest possible payment.
- Verify the rate-lock expiry and closing timeline, and evaluate the lender’s responsiveness.
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