I got quoted 6.500% from my bank and 7.000% from another lender. Should I be comparing anything besides the rate?
Answered
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Yes, and the rate is often the least useful number for comparison. Two quotes showing different rates can carry very different discount points in Section A of the Loan Estimate, which means one lender is charging you upfront to buy the rate down and the other isn't. Ask both for a no-points quote, which strips that variable out and shows you their actual baseline. Then compare total lender fees and the APR, not just the rate box on page one. That's the only apples-to-apples read.