Mortgage rates can change daily, sometimes even multiple times per day depending on economic factors. For accurate mortgage quotes, get all rate quotes on the same day.
For most home loans, the lender’s mortgage rate sheets have pricing based on a lock period, which are offered in increments like, 15, 30, or 60 days.
A rate lock guarantees the mortgage rate for a specific time. Longer lock periods usually have higher mortgage rates. Compare mortgage quotes for similar lock periods.
Increasing the mortgage rate will decrease the points, while reducing the rate will increases the points. Home mortgage rates have tiered pricing that allows you to buy the rate, or the points up or down. Compare mortgage quotes with the same loan points, such as, zero points, or one point.
Have lenders quote the mortgage loan points separate from other fees. In addition to title insurance, escrow, or appraisal, lenders have other fees like, processing, document, or underwriting, which may be negotiable. Property taxes, home insurance, and pre-paid interest are not lender fees.
Approximate credit scores can be used for comparing mortgage quotes, but to get actual home mortgage rates, lenders need to run a credit report, but the rate is subject to change until locked. Lenders normally use the middle of 3 credit scores of the person who is the primary wage earner.
More information to compare mortgage quotes on a refinance mortgage or FHA mortgage.