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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. 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 Quotes

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Today's Mortgage Rates

Loans up to $417,000 Rate* APR* Points*
30 Year Fixed 3.500 3.801 3.467
15 Year Fixed 2.500 3.002 3.287
7 Year ARM 2.375 2.958 3.783
5 Year ARM 1.875 2.869 4.114
3 Year ARM 2.500 3.112 3.839
FHA Rates Rate* APR* Points*
30 Year Fixed 3.250 4.290 0.124
15 Year Fixed 2.750 3.654 1.444
Veteran Loan Rates Rate* APR* Points*
30 Year Fixed 3.250 3.412 0.378
15 Year Fixed 2.750 3.230 1.694
USDA Rates Rate* APR* Points*
30 Year Fixed 3.250 3.819 0.946
*Rate/APR/Points for $260K loan,
Massachusetts property,
middle credit score 740,
80% LTV, Rates effective 11/21/2014
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This material is not provided by, nor is it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).

AmeriSave Mortgage Corporation, NMLS ID #1168, (www.nmlsconsumeraccess.org); Corporate Office: 3525 Piedmont Rd NE, 8 Piedmont Center, Suite 600, Atlanta, GA 30305. Additional licensing information may be found by clicking here on this "Licensing" link. For questions regarding state licensing, please contact (866) 970-7283. Not all products and options are available in all states. Terms are subject to change without notice. Some people portrayed are professional models. ©2014 AmeriSave Mortgage Corporation.
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