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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThe right mortgage lender is the one whose written offer fits your finances, loan needs, and timeline—not simply the one advertising the lowest rate. Compare Loan Estimates for the same loan scenario, weigh the full cost and loan features, and assess whether the provider can serve your needs. For most borrowers, a practical starting point is to compare at least three offers.
How many mortgage lenders should you compare?
Compare at least three providers. The Consumer Financial Protection Bureau (CFPB) advises borrowers to get at least three offers, while Freddie Mac recommends collecting quotes from three to five lenders. Those are shopping guidelines, not a guarantee that a particular number will produce the best offer. You can compare banks, credit unions, mortgage companies, and brokers that serve your location and offer the loan type you need. See the Freddie Mac mortgage comparison worksheet and the CFPB’s Loan Estimate guidance.
In a 2018 report, the CFPB discussed earlier studies in which more than 30% of borrowers said they did not comparison-shop and more than 75% said they applied with only one lender. The report also cited an earlier CFPB estimate of about $300 a year in average costs associated with not shopping. These are historical, population-level findings—not current survey results or a prediction of what an individual borrower will save.
Set up a fair comparison
Use the same loan scenario with each provider
Before requesting offers, write down the details you want every provider to quote. Keep the loan amount, property, loan purpose, term, and loan type consistent. If you want to compare a fixed-rate mortgage with an adjustable-rate mortgage (ARM), request separate estimates for each product rather than treating them as the same loan.
#1 Best Overall
- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
- Date math function
- Purchase or refinance, and the approximate loan amount.
- Property address and estimated value.
- Down payment and any loan program you want considered.
- Desired loan term and whether the rate should be fixed or adjustable.
- For an ARM, the initial rate period and adjustment terms you want evaluated.
Freddie Mac’s worksheet includes fields for lender, term, interest rate, annual percentage rate (APR), points, down payment, private mortgage insurance (PMI), monthly principal and interest, escrow, and ARM rate and payment caps. Use those fields to keep your comparison organized.
Request written Loan Estimates
For most covered mortgage applications, a lender generally must provide a Loan Estimate within the applicable three-business-day period after receiving six pieces of information: your name, income, Social Security number (so the lender can obtain a credit report), property address, estimated property value, and requested loan amount. CFPB guidance says a lender or mortgage broker cannot require supporting documents such as a W-2 or pay stub as a condition of providing the estimate. Supplying additional information may help the lender make it more accurate. Review the CFPB’s Loan Estimate document guidance for details and exceptions.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
Before a Loan Estimate is provided, the CFPB says the only fee a lender may request is a fee for obtaining a credit report. The CFPB page, last reviewed August 9, 2024, says these fees are typically less than $30; that is not a guaranteed fee or a statement that every lender charges one. A lender cannot collect other fees before you indicate that you wish to proceed with the application. Check the CFPB’s fee guidance for current details.
What to compare on each Loan Estimate
Compare estimates for the same product and assumptions. A lower advertised interest rate may come with higher upfront charges, while a higher rate may include lender credits that reduce cash due at closing. Review the full offer rather than choosing by the rate alone.
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- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
- VERSATILE LOAN CALCULATION OPTIONS: Calculate 80:10:10 or 80:15:5 combo loans at the press of a button; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices
- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
| What to compare | Why it matters |
|---|---|
| Interest rate and APR | The interest rate affects scheduled principal-and-interest payments. APR incorporates certain loan costs into an annualized measure; consider it alongside the fees and assumptions used to calculate it. |
| Points and lender credits | Discount points add upfront cost in exchange for a lower rate. Lender credits reduce some upfront costs, generally in exchange for a higher rate. |
| Total Loan Costs and other closing charges | Total Loan Costs include lender charges and costs for services such as appraisal and title. Review other charges and estimated cash to close as well. |
| Estimated monthly payment | Look beyond principal and interest: account for mortgage insurance, property taxes, homeowners insurance, and escrow estimates where applicable. |
| Loan term and rate structure | A fixed-rate loan and an ARM have different payment and rate risks. For an ARM, compare its initial rate, adjustment schedule, and rate or payment caps. |
| Down payment and eligibility | Check the cash required and whether you qualify for the intended loan program under the provider’s terms. |
| Total Interest Percentage (TIP) | The CFPB Home Loan Toolkit describes TIP as a measure of the total interest paid over the life of the loan compared with the amount borrowed. It is useful context, but the actual total depends on keeping the loan for its stated term. |
The CFPB’s Home Loan Toolkit explains APR, Total Loan Costs, and TIP. These measures answer different questions; no single figure replaces reviewing the fees, monthly payment, and loan terms that matter for your plans.
Consider the provider and the loan process
Two offers with similar costs may differ in eligibility, timing, or how clearly the provider explains the process. Ask specific questions before you choose:
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
- Does the provider offer the loan program you need and lend on the property type and location?
- Who will be your main contact, and how can you reach them?
- How quickly should you expect answers, and what conditions or documents remain?
- Can the provider meet your expected closing or refinance timeline?
- Who will service the loan after closing, if that matters to you?
- Which closing services can you shop for, and how do the listed providers’ costs compare?
With the Loan Estimate, the lender provides a written list of providers for certain closing services that you may shop for. The CFPB explains these services in its guidance on closing services you can shop for and its disclosure comparison guide. Service quality is not captured by one universal ranking, so use the answers and written terms to judge fit.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Direct lender or mortgage broker?
A lender is a financial institution that makes a direct loan. A mortgage broker arranges a loan with a lender and receives a loan-specific fee for that service. Some firms act as both, so ask who is originating the loan, whether a broker is involved, and how the broker is compensated. Whichever route you consider, compare the actual written offers, rates, and fees. The CFPB explains the difference between a lender and a broker.
Best Value
- Extra large 12-digit angled display.
- Loan Wizard.
- Automatic Tax Keys.
- Selectable decimal setting.
- Input any three loan variables to compute the fourth.
Use competing offers to negotiate
Once you have comparable Loan Estimates, contact the provider you prefer and ask whether it can match or improve a competing offer. If an estimate does not reflect the loan scenario you requested, ask for a corrected version before comparing it. CFPB guidance on fine-tuning loan offers describes how to discuss changes with lenders.
Decide whether points are worth the upfront cost
To evaluate discount points, compare the additional cash paid at closing with the interest savings you expect over the period you plan to keep the mortgage. A simple break-even estimate divides the added upfront cost by the monthly savings. For example, if points cost $2,000 more and lower the payment by $40 a month, the basic break-even is 50 months. This simplified calculation does not account for taxes, the time value of money, or changes in the loan; it is a screening tool, not a guarantee that the points are worthwhile.
Weigh lender credits against the higher rate
A lender credit can lower upfront costs, but it generally comes with a higher interest rate. Consider how long you expect to keep the loan and compare the extra interest over that period with the cash saved at closing. Your plans may change, so treat the break-even comparison as an estimate rather than a certainty.
Important scope limits
This guidance is for U.S. homebuyers and refinancing borrowers comparing covered mortgage offers. Loan Estimate and Closing Disclosure requirements apply to most mortgage transactions, but exceptions include certain reverse mortgages, HELOCs, manufactured-home loans not secured by real estate, and some assistance-program loans. If you are considering one of these products, confirm which disclosure rules apply. Rates and lender pricing change frequently, so this article does not rank providers or quote live rates.
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