How To Compare Offers From Multiple Lenders
First, make sure you are comparing current mortgage rates for the same type of mortgage. Mortgage rates and closing costs can change significantly from one day to another, so if you are comparing offers from multiple lenders it must be done on the same day. For example, if you are shopping mortgage rates and have a quote for a 30 year fixed at 5.75%, only compare it to other 30 year fixed quotes at 5.75%.
Next, compare the total of all points and lender fees for each mortgage. This information can be found at the bottom of page 1 of the Good Faith Estimate (GFE), labeled "[A] + [B] Total Estimated Settlement Charges." That is the price of the mortgage.
If you are refinancing, you will also need to review the cost of title insurance, closing/attorney, and appraisal. Page 2 of the Good Faith Estimate (GFE) will show a breakdown of those fees. Some large national companies have negotiated excellent rates for these services on your behalf.
Mortgage Rate QuotesTakes 1 Minute.
Today's Mortgage Rates
|Loans up to $417,000||Rate*||APR*||Points*|
|30 Year Fixed||3.000||3.288||3.250|
|15 Year Fixed||2.500||2.774||1.596|
|7 Year ARM||2.000||3.220||3.994|
|5 Year ARM||2.000||3.325||3.022|
|3 Year ARM||2.250||3.520||2.178|
|30 Year Fixed||3.000||3.693||-0.556|
|15 Year Fixed||2.750||3.466||-0.193|
|Veteran Loan Rates||Rate*||APR*||Points*|
|30 Year Fixed||3.000||3.143||-0.306|
|15 Year Fixed||2.750||3.018||0.057|
|30 Year Fixed||3.125||3.679||-0.498|