A mortgage quote can change when one small assumption changes. One lender may quote points. Another may not. One may use a 30-day lock. Another may float the rate. Put those two sheets side by side and you are comparing apples to a coupon for pears.
Start with one loan sentence
Write the same request for every lender: purchase price, loan amount, down payment, loan type, fixed or adjustable rate, term, property type, occupancy, ZIP code, and whether the rate should be locked for the same period.
Ask for a Loan Estimate. It is a standard three-page form lenders provide after a mortgage application. It shows the expected interest rate, payment, closing costs, taxes and insurance estimates, and risky features.
Get at least three
The Consumer Financial Protection Bureau says to make it a goal to compare at least three loan offers. Get them close together in time because market rates move.
Page one: match the bones
- Loan amount and term.
- Interest rate and whether it is locked.
- Monthly principal and interest.
- Prepayment penalty or balloon payment.
- Estimated total monthly payment.
Taxes and homeowners insurance may differ because they are estimates, not lender prices. Do not pick a lender because it guessed your property tax lower.
Page two: find the lender price
Look at origination charges, points, lender credits, services you cannot shop for, and services you can shop for. Focus on costs the lender controls. A lower rate bought with big points is not free.
Pal question: “Please show this same loan with zero points, and then show the version you recommend.”
Page three: use the comparison box
The “In 5 Years” line shows total principal, interest, mortgage insurance, and loan costs scheduled in the first five years, plus how much principal you will have paid. It is not the only test, but it puts rate and fees in one useful window.
Ask for a better deal
Once the offers match, show a lender the stronger written offer. Ask whether it can lower origination charges, rate, or points. Make sure a lower fee did not pop up as a higher rate somewhere else.
Preapproval is not the final price
A preapproval helps you shop for a home. A Loan Estimate helps you compare the expected loan terms and costs after applying. The Closing Disclosure is the later form to compare with the Loan Estimate before closing.
Keep every Loan Estimate. Before signing, put the chosen estimate beside the Closing Disclosure and circle anything that changed.
Where we checked
Go straight to the source
- CFPB: Shopping for a mortgageCurrent 2026 guide recommending at least three offers and apples-to-apples comparison.
- CFPB Loan Estimate explainerOfficial definition, timing, and contents of the standard form.
- CFPB compare Loan EstimatesInteractive side-by-side comparison and negotiation guide.
We link to the official office when one exists. A link is not an endorsement, and we do not control outside sites.
