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ESCompare the same scenario
Check that each estimate uses the same loan amount, term, down payment, property type and rate-lock assumptions. Otherwise the numbers may not be directly comparable.
Look past the headline rate
Review the monthly payment, annual percentage rate (APR), lender fees, mortgage insurance and estimated cash to close. Discount points are upfront fees paid for a lower rate; lender credits can reduce upfront costs, often with a higher rate. How long you expect to keep the loan matters.
Ask about timing and changes
Find out whether the rate is locked, when that lock expires and which estimated costs may change. A Loan Estimate is not final approval. I can explain the trade-offs and discuss whether another option fits.
What to have handy.
- Your current Loan Estimate
- Purchase price or estimated property value
- Expected closing date
- Questions about payment, fees or cash to close
To get a second opinion, contact Len first. Do not send a Loan Estimate or account details by ordinary email; ask how to share it securely.
Educational overview only. Program requirements, availability and terms vary. No guarantee of qualification or approval. For additional consumer guidance, see the CFPB homebuying resources.