A rate is the start of the comparison.

Compare the same scenario.

Rates depend on factors such as loan program, credit profile, down payment or equity, occupancy, property type, term, and lock period. Compare quotes prepared at a similar time for the same assumptions.

Weigh points and lender credits.

Discount points are an upfront cost that may reduce your rate. Lender credits may reduce upfront costs in exchange for a higher rate. Calculate the trade-off over the time you expect to keep the loan.

Read APR alongside the fees.

APR includes the interest rate and certain loan costs, but review the itemized Loan Estimate too. Different terms or features can make an APR comparison less useful.

Think beyond the monthly payment.

A longer term can reduce a payment while increasing total interest. For refinancing, compare closing costs and remaining balances, not just payment savings. Try our refinance calculator and explore the rates and costs guide.