Practical guide

How to compare loan offers

The rate on a billboard is not your rate. Your rate depends on your credit, your down payment, the property, and the day. The only honest comparison is between Loan Estimates — the standardized, federally required document every lender must give you within three business days of your application.

The four numbers that matter on a Loan Estimate

Interest rate — your monthly payment driver. Only comparable across offers made on the same day, because the market moves daily.
APR — the rate plus most of the fees, expressed as one number. When two offers have the same rate but different APRs, the higher-APR one is charging more in fees.
Points and lender credits (Section A vs. J) — you can usually trade a lower rate for cash today or the reverse. Make lenders quote the samepoints so you compare like with like — “what’s the rate at zero points?” is the cleanest question.
Cash to close— the bottom line on page 1. This is where closing costs live; on HomeBase each lender profile shows the median its recent buyers actually paid, so you know whether your quote is in that lender’s normal range.

The method

Get 2–3 Loan Estimates within the same few days (clustered mortgage credit pulls count as one inquiry).
Line them up: same loan type, same points. Compare APR and cash-to-close.
Show a lender a competing Loan Estimate and ask whether they can offer better terms.
When you accept, ask about the rate lock: how long it lasts, what it costs to extend, and whether a float-down exists if the market improves.

Why HomeBase doesn’t show today’s rates

Any rate we posted would be stale by tomorrow and wrong for your file. What we can show honestly: each lender’s median rate and closing costs from last year’s public filings — context for whether a quote is in their normal range — and who each lender actually lends to, so you pick the right two or three to call in the first place.

Next: what you’ll need for pre-approval · find your lenders

Educational, not financial advice.

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The four numbers that matter on a Loan Estimate

Interest rate — your monthly payment driver. Only comparable across offers made on the same day, because the market moves daily.

APR — the rate plus most of the fees, expressed as one number. When two offers have the same rate but different APRs, the higher-APR one is charging more in fees.

Points and lender credits (Section A vs. J) — you can usually trade a lower rate for cash today or the reverse. Make lenders quote the samepoints so you compare like with like — “what’s the rate at zero points?” is the cleanest question.

Cash to close— the bottom line on page 1. This is where closing costs live; on HomeBase each lender profile shows the median its recent buyers actually paid, so you know whether your quote is in that lender’s normal range.

The method

Get 2–3 Loan Estimates within the same few days (clustered mortgage credit pulls count as one inquiry).

Line them up: same loan type, same points. Compare APR and cash-to-close.

Show a lender a competing Loan Estimate and ask whether they can offer better terms.

When you accept, ask about the rate lock: how long it lasts, what it costs to extend, and whether a float-down exists if the market improves.

Why HomeBase doesn’t show today’s rates

Educational, not financial advice.