Understand the loan before you compare the lender.
A mortgage quote is easier to evaluate when you know what the numbers and terms actually mean.
What is a mortgage?
A mortgage is a loan secured by real property. The borrower generally repays principal and interest over a specified term, while the home serves as collateral for the loan.
Fixed-rate vs. adjustable-rate mortgages
A fixed-rate mortgage keeps the note rate unchanged for the life of the loan. An adjustable-rate mortgage can change after an initial period according to the loan terms. Compare the full structure, not just the starting rate.
Interest rate vs. APR
The interest rate is the rate charged on the loan principal. APR is a broader disclosure intended to reflect certain borrowing costs in addition to interest. Review both and compare the Loan Estimate rather than relying on one number alone.
Down payment, points and mortgage insurance
Down payment size can affect loan-to-value, pricing and mortgage insurance. Discount points are upfront amounts paid in exchange for a lower rate; lender credits can reduce upfront cost while generally increasing the rate.