The starting point

Compare matching loan scenarios, then look at the payment, upfront costs, and loan features together.

First, check you are comparing like with like

Put the estimates side by side and check the property, loan amount, loan term, product, and loan type. Compare offers for the same borrowing scenario. Check the issue dates and whether each interest rate is locked.

Source: CFPB: Loan Estimate explainer

Page one: the loan and its payment

Review the interest rate and principal-and-interest payment, then the projected payment and estimated taxes, insurance, and assessments. Check whether any payment or balance can increase, and whether a balloon payment or prepayment penalty appears.

  • Do the loan amount and term match what you requested?
  • Which costs are included in the monthly payment?
  • Is the rate locked, and when does the lock expire?

Source: CFPB: Loan Estimate explainer

Page two: the upfront costs

Compare total origination charges, including points, rather than relying on the names of individual fees. Review required services, other costs, lender credits, and estimated cash to close. Ask about differences in estimates before treating a lower total as a better offer.

Source: CFPB: Loan Estimate explainer

Page three: another view of the cost

Use the Comparisons section, including the five-year figures and APR, alongside the other pages. It adds context, but does not replace checking the loan features and your expected time in the home.

Source: CFPB: Loan Estimate explainer

Clear up questions before proceeding

Ask the loan officer to explain anything that differs from your discussion and correct inaccurate details. Keep a copy of each estimate.

When you choose an offer, tell the lender which one you want to proceed with. Confirm the rate-lock deadline and whether the expected closing fits within it; extending a lock can involve a fee.

Source: CFPB: Choose a loan offer

Sources & editorial note

Published by Mortgage Firm. Sources checked September 28, 2026. This content has not been professionally reviewed and is general education, not a loan offer or a personal recommendation. Confirm current details with your lender.

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