Print this page or keep it open while you talk with at least two lenders about mortgage rates. It goes with the 5 guides on Mortgage Rates 101. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “It reflects market conditions, the lender’s costs and the risk profile of your specific loan.” From Mortgage Rates: A Beginner’s Guide
- “If you expect to keep the loan beyond the ARM’s fixed period, a fixed rate removes payment uncertainty.” From Fixed vs. Adjustable: A Decision Framework
- “A fixed-rate mortgage keeps the same interest rate for the life of the loan, so principal and interest stay the same.” From Fixed or Adjustable? A Starter Comparison
- “The interest rate written into your promissory note, used to calculate monthly interest.” From Rate Words That Confuse People
- “Before calling lenders, know a few terms: the interest rate, discount points, lender credits, the Loan Estimate, a rate lock and the Closing Disclosure.” From Mortgage Rate Shopping for First-Time Buyers: A Starter Checklist
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| How long will I keep this loan? | Lender 1 answer | Lender 2 answer |
| What is the worst-case payment under the caps? | Lender 1 answer | Lender 2 answer |
| Could I afford that payment? | Lender 1 answer | Lender 2 answer |
| Am I relying on a future refinance? | Lender 1 answer | Lender 2 answer |
| Would a longer fixed period fit better? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
Pricing questions
What the guides on this site say:
- “Every offer combines an interest rate with a cost.” From Mortgage Rates: A Beginner’s Guide
- “You can usually pay points for a lower rate or accept a higher rate with lender credits.” From Mortgage Rates: A Beginner’s Guide
- “A real quote requires an application so the lender can issue a Loan Estimate.” From Mortgage Rates: A Beginner’s Guide
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Which details of my file is this quote based on: credit, loan-to-value, loan amount, property type and occupancy? | Lender 1 answer | Lender 2 answer |
| Can you issue the Loan Estimate on the same day as the other lenders I am comparing? | Lender 1 answer | Lender 2 answer |
| Which items on this quote could still change before closing? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Loan features
What the guides on this site say:
- “The program: conventional, FHA, VA, USDA or jumbo, and fixed or adjustable.” From Mortgage Rates: A Beginner’s Guide
- “If that payment would strain your budget, the ARM’s initial savings may not be worth the risk.” From Fixed vs. Adjustable: A Decision Framework
- “For an adjustable loan, look at the initial adjustment cap, the periodic cap and the lifetime cap.” From Fixed vs. Adjustable: A Decision Framework
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Your Loan Estimate
What the guides on this site say:
- “The Loan Estimate for an ARM shows the most the payment could become and when.” From Fixed or Adjustable? A Starter Comparison
- “A yearly measure that includes the note rate plus certain fees, spread over the full term.” From Rate Words That Confuse People
- “Discount points are paid upfront to lower the rate; lender credits reduce closing costs in exchange for a higher rate.” From Rate Words That Confuse People
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Points and lender credits
What the guides on this site say:
- “The rate available with neither discount points nor lender credits.” From Rate Words That Confuse People
- “Lenders may not use this term with you, but asking for a no-points, no-credit quote gets you close to it.” From Rate Words That Confuse People
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Rate lock
What the guides on this site say:
- “Your loan: credit score, loan-to-value, occupancy, property type, loan amount and lock period.” From Mortgage Rates: A Beginner’s Guide
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Before you choose
What the guides on this site say:
- “Longer fixed periods (seven or ten years) reduce adjustment risk compared with shorter ones.” From Fixed vs. Adjustable: A Decision Framework
- “An escrow or impound account is held by your servicer to pay property taxes and insurance.” From Rate Words That Confuse People
- “Talking to more than one lender helps you see the range of options and service styles.” From Mortgage Rate Shopping for First-Time Buyers: A Starter Checklist
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: Loan Estimate explainer
- CFPB: What is a prepayment penalty?
- CFPB: Discount points and lender credits
- CFPB: What's a rate lock?
- NMLS Consumer Access