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Mortgage Education

How To Compare Offers From Multiple Lenders

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Other Useful Information

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 (from section 800 to 813 on the Good Faith Estimate), that is the price of the mortgage. The lender with the lowest cost has the best mortgage rates.

If you are refinancing, you will also need to review the cost of title insurance, closing/attorney, and appraisal. Some large national companies have negotiated excellent rates for these services on your behalf. The company with the lowest combination of points, fees and third party costs for the same rate and product has the best mortgage rates.

Mortgage Rate Quotes

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No Personal Info Required.

Today's Mortgage Rates

Loans up to $417,000 Rate* APR* Points*
30 Year Fixed 3.625 3.956 3.799
15 Year Fixed 2.625 3.151 3.438
7 Year ARM 2.375 2.895 3.854
5 Year ARM 2.000 2.827 4.089
3 Year ARM 2.500 2.992 3.581
FHA Rates Rate* APR* Points*
30 Year Fixed 3.250 4.368 1.007
15 Year Fixed 2.750 3.532 0.612
Veteran Loan Rates Rate* APR* Points*
30 Year Fixed 3.250 3.482 1.259
15 Year Fixed 2.750 3.092 0.737
USDA Rates Rate* APR* Points*
30 Year Fixed 3.250 3.834 1.915
*Rate/APR/Points for $260K loan, Massachusetts property, 740 FICO, 80% LTV, Rates effective 08/19/2014.
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Amerisave Mortgage Corporation, NMLS ID #1168, (www.nmlsconsumeraccess.org); Corporate Office: (404) 424-0632 or toll free (866) 970-7283, One Capital City Plaza, 3350 Peachtree Road NE, Suite 1000, Atlanta, GA 30326; Arizona Mortgage Banker License BK-0906515; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Colorado - Regulated by the Division of Real Estate. To check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; Delaware License #5936, expiration 12/31/14, licensed by the Office of The State Bank Commissioner; Georgia Residential Mortgage Licensee #17117; Illinois Residential Mortgage Licensee #MB.0006749; Kansas Licensed Mortgage Company #MC.0001259; Massachusetts Mortgage Lender-ML1168; Mississippi - Licensed Mortgage Company; Nevada License #3678; Licensed by the New Hampshire Banking Department; Licensed by the N.J. Department of Banking and Insurance, Phone # (404) 424-0685; Ohio Mortgage Broker License No. MB.803619.000; Oregon License #ML-2676; Rhode Island: Licensed as Rhode Island Licensed Lender and Rhode Island Licensed Loan Broker; TEXAS: COMPLAINTS REGARDING A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD BE SENT TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550; Licensed in Washington as Amerisave Mortgage Corporation #CL-1168; Also conducts business in AK, AL, AR, CT, DC, FL, HI, IA, ID, IN, KY, LA, MD, ME, MI, MO, MN, MT, NC, ND, NE, NM, OH, OK, PA, SC, SD, TN (License #109124), UT, VA, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. Some people portrayed are professional models. ©2014 Amerisave Mortgage Corporation.
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