Check the Loan Estimate and lock agreement
The Loan Estimate includes rate-lock information. A lock covers a specified period and can have conditions described in the agreement, so read both the disclosed status and the lender’s terms. CFPB — Loan Estimate disclosures, rate lock ↗
Compare quotes taken on the same assumptions
A displayed rate can depend on loan size, credit, occupancy, points, and lock length. Ask what was assumed and whether those assumptions match your situation. A screenshot alone does not establish an agreement to lend.
Plan for timing changes
Ask what happens if closing is delayed or loan details change. Confirm who is responsible for requesting an extension and whether a cost could apply. Keep the written confirmation with the rest of your loan records.
PUT IT INTO PERSPECTIVE
An example, not an offer
Illustration only: a quote with $0 in points and one with $3,000 in points are not equal-cost offers. Compare the written costs and lock terms before treating the lower displayed rate as the better option.
Compare written estimates →Related questions
Check the original guidance
Requirements and availability can change. Confirm the program and lender terms for your application.