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Mortgage Rates Comparison
How To compare loan products of the same type among different lenders
1. We Fix all lenders at one interest rate and lock-in period.
We have to compare different lenders on the same rate (e.g. 6.5%) and lock-in period (e.g. 21 days), otherwise you will be comparing apples and oranges.
Most lenders can offer you a variety of rate and point combinations for the same loan product and allow us to choose the lock-in period.
2. We Add up the total lender fees for that rate including points and loan related fees.
There are a number of different fees paid in connection with loan, and some lenders have different names for them. One lender might offer to waive one fee and then add another one. So when we compare loans of different lenders we look at the total sum of ALL loan related fees.
3. The lender that has lower lender fees has a cheaper loan than the lender with higher fees.
At EquiLoans Home Advisors, we evaluate every loan application individually and offer you the type of loan that’s right for you, given your particular needs and circumstances.
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