Find a mortgage that fits your homebuying budget

Request a Loan Estimate from each lender for the same loan scenario, then compare the interest rate, monthly principal and interest, cash to close, lender credits or points, and estimated closing costs. A lower rate can cost more up front, and a lower payment can come from a longer term rather than a cheaper loan.

A rate lock generally holds the offered rate through a stated closing period if your application does not materially change. It can expire, cost money to extend, and may not preserve a lower rate if market rates fall. Check the Loan Estimate and ask about length, cost, expiration, and circumstances that can change the rate.

Points are an upfront charge that can lower the interest rate; lender credits can reduce closing cash in exchange for a higher rate. Compare offers over the time you realistically expect to keep the loan. Ask for both versions on Loan Estimates, calculate the break-even period, and consider whether you may sell or refinance first.

Yes. CFPB recommends shopping multiple lenders because offers can differ in rate, fees, points, and closing costs. Request comparable Loan Estimates close together and compare the same loan type, term, down payment, and lock assumptions. A lender’s advertised rate is not a personalized offer or a complete cost comparison.

Advertised rates are examples. Your final offer can reflect the loan type and term, down payment, credit profile, property, occupancy, points or credits, and whether the rate is locked. Use online rates only to frame questions; rely on a Loan Estimate to compare a lender’s actual offer for your circumstances.

A fixed-rate loan offers a rate that does not change during the loan term. An adjustable-rate mortgage can begin differently and change under its disclosed terms. Match the choice to your expected ownership period, ability to absorb payment changes, and the fully indexed rate information—not only the introductory payment.