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Tips
for Comparing Lender Rate
Quotes
1. Try to get your
rate quotes all on the same
day because rates can change
on daily or even multiple
times per day depending on
the market.
2. Try to compare
rates based on similar lock
periods, which can be
offered in increments such
as 15, 30, or 60 days,
because longer lock periods
usually have higher rates.
3. Compare rates
based on the same points,
because increasing the rate
will decrease the points,
and reducing the rate will
increases the points.
4. Compare the APR
, and have lenders quote the
points separate from other
fees. Property taxes,
insurance, and pre-paid
interest are not loan fees.
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