Start With Your Loan Type
Not every lender specializes in every loan type. If you're using a VA or USDA loan, confirm the lender actually processes significant volume of that loan type rather than treating it as an afterthought.
Compare the Full Loan Estimate
- Interest rate and APR (APR includes most upfront costs, making it a better comparison tool than rate alone).
- Origination fees and discount points.
- Estimated closing costs and who pays them.
- Rate lock period and any lock-extension fees.
Consider Service, Not Just Price
A slightly higher rate from a lender known for fast, reliable closings can be worth more than the cheapest quote if your purchase has a tight timeline — a blown closing date can cost you the house.
Red Flags to Watch For
Be cautious of lenders that pressure you to lock a rate before you've compared other quotes, or that are vague about total fees until late in the process.
This page is for educational purposes and isn't personalized financial or tax advice. Figures, rates, and program details change frequently — confirm current terms directly with lenders, tax professionals, or the IRS before acting.