Mortgage Answers / Rates & Transparency
The Short Answer
A good rate needs to fit your actual loan and costs, not just an advertisement. Compare current written offers with matching terms, fees and lock periods. Then consider the payment, cash needed and how long you expect to keep the loan.
Look for a fair comparison, not a promise from one headline number.
Explore Your OptionsThe assumptions can change the comparison.
A rate promise
Real offers still need review.
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An advertised example may use different borrower, property, fee or lock assumptions. It is not a personal approval or guaranteed quote.
Read the example's date, loan amount, down payment, fees and other assumptions.
Ask which terms would apply to your actual application instead of treating the ad as your price.
Request a written offer with the complete costs and lock information.
Written offers make comparison easier, but only if the loan details and timing match.
Check that the loan amount, term, property, down payment and quote timing match.
Compare APR, points, broker compensation, lender fees and credits as well as the rate.
Ask how each offer affects monthly payment and the money needed at closing.
Check what you pay to get that rate. Extra upfront costs can change which offer fits your plans.
Find the optional upfront cost and any other fee difference.
Consider how long you expect to keep the loan and whether you need the cash for other goals.
Ask for a clear explanation rather than labeling a rate good or bad from one number.
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A good rate needs to fit your actual loan and costs, not just an advertisement. Compare current written offers with matching terms, fees and lock periods. Then consider the payment, cash needed and how long you expect to keep the loan.
Check what you pay to get that rate. Extra upfront costs can change which offer fits your plans.
A rate lock can hold a quoted interest rate for a stated period if its conditions are met. Check the deadline, costs and what changes could affect it. A Loan Estimate does not necessarily mean your rate is locked.
Read the assumptions and the itemized costs behind the rate. Compare the note rate, APR, broker compensation, optional points, lender fees, credits and lock terms on matching offers. A low displayed rate alone is not proof of the lowest total cost or of a misleading offer.
Mortgage offers can change as market expectations, bond prices and lender pricing change. That does not mean every lender changes every rate each day. Check when a quote was issued and whether it is locked; nobody can promise tomorrow's rate.
A good rate needs to fit your actual loan and costs, not just an advertisement. Compare current written offers with matching terms, fees and lock periods. Then consider the payment, cash needed and how long you expect to keep the loan.
No. Educational examples are not live quotes, personal offers, savings promises or loan approvals. Actual terms and lender requirements apply.
Use matching written offers. Review the interest rate, APR, broker compensation, optional points, lender fees, credits, payment, cash needed and lock terms.
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Fayetteville, NC
We were blown away by how fast and seamless our closing process was with Troy. He locked in a great rate quickly and handled every detail so we could move into our home on schedule!
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Show Low, AZ
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Boulder, CO
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