Step 15 of 48 Phase 2: Assess Your Buying Power
2.8 Compare Potential Lenders
Evaluate and compare lender options to find the best fit.
Questions to Ask Lenders
- What interest rates do you offer?
- What are the closing costs?
- How long does the process take?
- What documents will I need?
- Do you offer rate locks?
Common Mistakes to Avoid
- Only comparing interest rates while ignoring lender fees, points, and closing costs
- Not getting Loan Estimates from at least 3 different lenders
- Assuming your bank or credit union automatically offers the best deal
- Forgetting to compare the APR which includes all costs, not just the rate