How to compare mortgage lenders

To compare lenders, request quotes from several of them for the same scenario: same loan amount, term (e.g. 30 years), and loan type (e.g. Conventional fixed). That way differences in rate and fees reflect the lenders’ pricing, not different loan structures.

Compare the interest rate, APR, monthly principal and interest, total monthly payment, closing costs, lender credits, and cash to close. Even small differences in rate or fees can add up over time.

A lender directory can help you find and track lenders in your area. Once you have quotes, a comparison tool lets you enter each lender’s numbers and view them in columns so you can see how they stack up.

There’s no single “best” lender for everyone—your situation and the offers you receive will determine what makes sense. Organizing and comparing your quotes puts you in a position to decide.