Make the quotes comparable
Use the same property, loan amount, down payment, term, and rate-lock period. Ask lenders to state points and other pricing assumptions clearly.
Compare more than monthly payments
Look at origination charges, points, total closing costs, and projected payments. Include any mortgage insurance and escrow assumptions in your budget.
Consider how long you will keep the loan
Paying more upfront for a lower rate may make sense only if you keep the loan long enough. Compare the upfront difference with the monthly savings and consider the possibility of moving or refinancing.
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Sources & further reading
Published October 1, 2026. Last reviewed October 21, 2026.
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