Compare the choice you are actually making
Create a row for each lender and keep the original estimate beside it. Note whether the rate is locked and for how long, then record the loan structure, payment, points, lender charges, credits, and cash requirement. A comparison is hard to interpret when one lender quotes a different loan amount or includes a credit that the other does not. Ask for a revised comparison on consistent assumptions before choosing.
Next, test the likely holding period without promising that you will sell or refinance at a particular time. A points calculation can illustrate how many months of payment savings would offset an upfront charge, but it does not capture every cost or guarantee future options. Review the form's comparison figures and discuss the assumptions behind them. Keep service and execution questions on the sheet as well: who manages requests, what property documentation is still needed, and which dates are feasible? Choose after reconciling those differences rather than treating a single rate as the whole loan offer.
- Align the assumptions first.
- Keep credits and points visible.
- Ask what could change before closing.
This answer belongs to Financing a Chicago purchase: price, payment, and usable reserves. Read the guide for the wider transaction context.
Sources and effective dates
Read the original guidance and use the version applicable to your property and transaction. Practical planning suggestions are distinguished from legal or program requirements.
- CFPB: Explore a Loan Estimate
Compare the same loan assumptions; figures can change before closing.
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